An Opulent Penthouse In The Heart Of Melbourne
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An Opulent Penthouse In The Heart Of Melbourne

The private terrace is built for entertaining.

By Terry Christodoulou
Fri, Jan 29, 2021 5:43amGrey Clock 2 min

Emanating luxury, this breathtaking penthouse at 7 Bowen Crescent, in Melbourne offers elevated finishes, grand proportions and uninterrupted views of the city skyline, Port Phillip Bay and Albert Park Lake.

The David Hicks designed penthouse sets an opulent benchmark in apartment living offering 4-bedrooms, 4-bathrooms and 4-car parking spread across 439sqm and two floors.

Upon entry, the residence features dark stained American oak parquetry flooring across a palatial open plan layout. It’s here the living, dining and entertaining space is surrounded by 270-degree full height glass – giving access to the aforementioned sensational views and highlighting the penthouse’s soaring ceiling heights.

The living area then extends out on to an expansive, private, sun-terrace – ideal for entertaining – especially come time for the Australian Grand Prix (when it returns).

Inside, the kitchen offers Carrara marble finishes alongside Gaggenau appliances and integrated Liebherr refrigeration.

Also on the main level is the main bedroom, complete with a deluxe dressing room and bespoke cabinetry, alongside a marble ensuite. Elsewhere, two additional bedrooms arrive with marble ensuites and built-in robes.

Further, the living space features a sculptural spiral staircase – leading up to the versatile fourth bedroom, replete with office space – and a gas fireplace. There is also an internal lift servicing both levels.

The residence also offers underfloor heating in the bathrooms, video intercom, remote blinds, and powder room.

Purchasing the penthouse gives owners access to the Albert Place’s hotel-style amenities including the indoor pool and sauna, valet parking, concierge and lounge amenities and two private Vintech wine fridges offering approximately 300 bottles of storage.

The home is enviably located within walking distance of the Botanic Gardens, the Domain, Albert Park Lake, South Yarra and South Melbourne shopping and restaurant precincts.

The listing is with Marshall White’s Nicholas Hoo (+61 435 728 272) and Mark Harris +61 414 799 343. Price guide $8-8.8m.

Marshallwhite.com.au



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Stronger demand in some areas is pushing unit rents up faster than houses

By Bronwyn Allen
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Renters are returning to the apartment market, leading to higher growth in weekly rents for units than houses over the past year, according to REA data. As workers return to their corporate offices, tenants are coming back to the inner city and choosing apartment living for its affordability.

This is a reversal of the pandemic trend which saw many renters leave their inner city units to rent affordable houses on the outskirts. Working from home meant they did not have to commute to the CBD, so they moved into large houses in outer areas where they could enjoy more space and privacy.

REA Group economic analyst Megan Lieu said the return to apartment living among tenants began in late 2021, when most lockdown restrictions were lifted, and accelerated in 2022 after Australia’s international border reopened.

Following the reopening of offices and in-person work, living within close proximity to CBDs has regained importance,” Ms Lieu said.Units not only tend to be located closer to public transport and in inner city areas, but are also cheaper to rent compared to houses in similar areas. For these reasons, it is unsurprising that units, particularly those in inner city areas, are growing in popularity among renters.

But the return to work in the CBD is not the only factor driving demand for apartment rentals. Rapidly rising weekly rents for all types of property, coupled with a cost-of-living crisis created by high inflation, has forced tenants to look for cheaper accommodation. This typically means compromising on space, with many families embracing apartment living again. At the same time, a huge wave of migration led by international students has turbocharged demand for unit rentals in inner city areas, in particular, because this is where many universities are located.

But it’s not simply a demand-side equation. Lockdowns put a pause on building activity, which reduced the supply of new rental homes to the market. People had to wait longer for their new houses to be built, which meant many of them were forced to remain in rental homes longer than expected. On top of that, a chronic shortage of social housing continued to push more people into the private rental market. After the world reopened, disrupted supply chains meant the cost of building increased, the supply of materials was strained, and a shortage of labour delayed projects.

All of this has driven up rents for all types of property, and the strength of demand has allowed landlords to raise rents more than usual to help them recover the increased costs of servicing their mortgages following 13 interest rate rises since May 2022. Many applicants for rentals are also offering more rent than advertised just to secure a home, which is pushing rental values even higher.

Tenants’ reversion to preferring apartments over houses is a nationwide trend that has led to stronger rental growth for units than houses, especially in the capital cities, says Ms Lieu. “Year-on-year, national weekly house rents have increased by 10.5 percent, an increase of $55 per week,” she said.However, unit rents have increased by 17 percent, which equates to an $80 weekly increase.

The variance is greatest in the capital cities where unit rents have risen twice as fast as house rents. Sydney is the most expensive city to rent in today, according to REA data. The house rent median is $720 per week, up 10.8 percent over the past year. The apartment rental median is $650 per week, up 18.2 percent. In Brisbane, the median house rent is $600 per week, up 9.1 percent over the past year, while the median rent for units is $535 per week, up 18.9 percent. In Melbourne, the median house rent is $540 per week, up 13.7 percent, while the apartment median is $500 per week, up 16.3 percent.

In regional markets, Queensland is the most expensive place to rent either a house or an apartment. The house median rent in regional Queensland is $600 per week, up 9.1 percent year-onyear, while the apartment median rent is $525, up 16.7 percent.

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