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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If you’re looking to run into Cristiano Ronaldo, this six-bedroom villa near the coastal Portuguese town of Cascais, where the footballer lives, might up your chances.
The detached home, which came to market earlier this month asking €10 million (US$11.79 million), is within the gated Quinta Patino community in the town’s Estoril suburb, and comes with a private green-tiled pool, its own wine cellar and cinema, as well as a moody six-car show garage.
The eclectic house comes with a little French flair, including a grey mansard roof, as well as arched windows and a cream-stucco facade.
The interiors showcase a mix of modern floor-to-ceiling windows as well as more old-school elegance, including black-and-white checkered flooring, extensive crown moldings, a wood-paneled library and classic columns in between arched windows.
There are six bedrooms across 7,000 square feet, as well as a wine cellar, game room, a pergola and easy transitions between the indoors and outdoors.
“This residence was created for the way people truly want to live, with light-filled spaces that flow naturally from the kitchen and dining areas out to the garden and pool,” said listing agent Yared Hagos of Nest Seekers International via email.
Cascais is located in the Portuguese Riviera, roughly 30 minutes from Lisbon, and features sandy beaches, resorts and other visitor attractions.
“This property represents the best of both worlds, complete privacy in one of Portugal’s most prestigious gated communities, and yet you’re just minutes from the beach, the golf courses, and Lisbon’s cultural scene,” Hagos wrote.
Cascais is also one of many Portuguese cities to have benefited from the popularity of the country’s real estate among foreign investors, particularly its high-end homes , according to Hagos. Mansion Global could not determine the identity of the seller.
“With six consecutive months of rising buyer demand and price growth now exceeding 15% annually, prime areas like Lisbon, Cascais and the Algarve are seeing international buyers compete for an increasingly scarce supply of high-end homes,” he said.
The Portuguese Riviera also has seen an influx of celebrities in recent years, including most notably, soccer legend Cristiano Ronaldo, Mansion Global previously reported.
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