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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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

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Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

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