Crown Residences Sets Record Sales | Kanebridge News
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Crown Residences Sets Record Sales

The already iconic Sydney ‘sculpture’ scales to new heights.

By Terry Christodoulou
Thu, Jul 23, 2020 2:43amGrey Clock 2 min

The centrepiece of Sydney’s Barangaroo district – Crown One Barangaroo – has almost completed sale of the luxury properties that inform Crown Residences.

Of the 82 elevated luxury properties, only a small selection of two, three- and four-bedroom residences remain available – as well as a duplex penthouse.

While the price remains undisclosed, the latter is set to run to a decent figure (large two-bedroom, two-bathroom residences are currently on from $9.5 million) and boasts jaw-dropping panoramic views of Sydney Harbour, 6-bedrooms, multiple living spaces, 6.5-metre double-height ceilings, a media room and a wine room.

Even with properties remaining, Crown Residences has shattered existing sales records, pointing to the strength and allure of the Australian prime property market, even during the pandemic.

“Crown Residences at One Barangaroo has achieved a record $650 million in sales including an unprecedented 12 transactions over $20 million to date,” states Erin van Tuil, partner Crown Residences at One Barangaroo. “Despite the pandemic, we are experiencing a record number of enquiries and sales are performing phenomenally well.”

Designed by award-winning British architecture firm WilkinsonEyre, Crown Sydney’s petal-like formation sees each residence unique in size and layout and complete with dual or triple aspect views of Sydney Harbour and its surrounds.

Residents will also have access to hotel services from Crown Sydney – such as daily maid services, the hire of a private chef or wine sommelier, along with access to all the amenities such as the Balinese inspired resident’s pool, a luxury gym and more.

Six-star hotel features aside, the residences also rest above what is set to become Sydney’s bets new luxury dining quarter, the planned precinct set to feature, song others, Nobu, Woodcut by Ross and Sunny Lusted, a’Mare by Alessandro Pavoni, as well as sustainable local options from Michelin starred chef Clare Smyth which residents will be able to order up to their homes.

onebaragaroo.com

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Amid looming rate rises, there are reasons to be cheerful as mortgage holders head into 2023

By KANEBRIDGE NEWS
Mon, Feb 6, 2023 2 min

Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet tomorrow for the first time this year.

Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggests that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This would allow the RBA to step back from further rate rises for the next few months as it assesses the impact of tightening monetary policy on the economy.

The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.

Higher interest rates have coincided with falling home values, which Ray White chief economist Nerida Conisbee says are down 6.1 percent in capital cities since peaking in March 2022. The pain has been greatest in Sydney, where prices have dropped 10.8 percent since February last year. Melbourne and Canberra recorded similar, albeit smaller falls, while capitals like Adelaide, which saw property prices fall 1.8 percent, are less affected.

Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.

“December inflation came in at 7.8 per cent with construction, travel and electricity costs being the biggest drivers. It is likely that we are now at peak,” Ms Conisbee said. 

“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again. 

“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”

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