Rolls-Royce’s Bespoke division is exclusivity personified, and the highest rung in that ladder is Coachbuild—which goes far beyond selecting unique colors or interior finishes and gives customers the chance to help design their own new cars.
The first of the Coachbuild cars was the Phantom-based Sweptail, hand-built over four years, reportedly for Hong Kong businessman Sam Li. It has a dramatic fastback roof that was a hit when revealed to the public in 2017. Rolls didn’t confirm the car’s cost, but some reports said more than US$12 million. The Sweptail has been spotted on the road in Europe.
The Boat Tail, shown (above) in 2021 and built on the Architecture of Luxury platform with Phantom V12 power, was the first commission from a consortium of three couples. It’s a unique convertible with a carbon-fibre parasol that opens to shade its occupants during al fresco parties. Beyoncé and Jay-Z are reported Boat Tail owners. Argentine footballer Mauro Icardi is said to be another keeper of the keys. The purchase price of these cars is around US$28 million, sources say.
There will be a total of four Droptail roadsters created, and these now include the Amethyst Droptail and the La Rose Noire Droptail, each with unique rear-deck treatments and personal detailing throughout. The newest, third commission is Arcadia Droptail, which will come with a removable hardtop (and no soft top). The car will be delivered to an international client in Singapore, said Rolls’ Americas spokesman, Gerry Spahn. The price tag is likely in Boat Tail territory.
Arcadia was known in Greek mythology as a place of “Heaven on Earth.” The one-off car has a vivid recessed wood-panelled rear deck that took 8,000 hours to create, according to the company, and recalls vintage Chris Craft power boats—or woodie station wagons. It’s in left-hand drive, reportedly to better facilitate its use around the world. Rolls used a 3-D environment to show the client how the car would look in various locales.
“Coachbuild commissions like Droptail Arcadia are immediately the classic Rolls-Royce collectibles. Coachbuild is more than Bespoke, it’s the ultimate personal statement,” says Martin Fritsches, president of Rolls-Royce Motor Cars in North America.
Alex Innes, head of Coachbuild Design, added (in a statement) that the Arcadia is “one of the most faithful expressions of an individual’s personal style and sensibilities we have ever created within the Coachbuild department.”
Design inspiration for the Arcadia came from sky gardens in Singapore, Indonesia, and Vietnam, in addition to British “biometric” architecture.
The white paint is infused with aluminium and glass particles to give it depth and shine. The lower sections of the Arcadia Droptail are in carbon fibre, painted silver. The wood on the rear panel is mirrored on the dashboard (in Santos Straight Grain veneer), door linings, and central armrest. The wood pieces were mounted on stiff bases developed using carbon-fibre layering techniques derived from Formula One racing.
The hardtop, in a contrasting dark colour, slants down to a short rear greenhouse, giving the car a racy look. The doors are rear-hinged, with prominent chromed handles. The nose and grille are somewhat rounded, with narrow horizontal headlights, yielding a more aerodynamic prow than is customary in Rolls-Royce history.
The dash’s crown jewel is a clock with a face that took five months to assemble, after two years of development. Its raw metal geometric guilloche pattern has 119 facets. Rolls describes it as “the most complex Rolls-Royce clock face ever created.” The hands are partly polished and partly brushed, and have 12 hand-painted “chaplets” (hour markers) that are only 0.1 millimetres thick.
Many automakers are establishing bespoke divisions, but Rolls-Royce is, per tradition, taking it further than others.
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New research suggests spending 40 percent of household income on loan repayments is the new normal
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
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