Crown Residences Sets Record Sales
The already iconic Sydney ‘sculpture’ scales to new heights.
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.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This may be contributing to continually rising weekly rents
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There has been a substantial increase in the number of Australians earning high incomes who are renting their homes instead of owning them, and this may be another element contributing to higher market demand and continually rising rents, according to new research.
The portion of households with an annual income of $140,000 per year (in 2021 dollars), went from 8 percent of the private rental market in 1996 to 24 percent in 2021, according to research by the Australian Housing and Urban Research Institute (AHURI). The AHURI study highlights that longer-term declines in the rate of home ownership in Australia are likely the cause of this trend.
The biggest challenge this creates is the flow-on effect on lower-income households because they may face stronger competition for a limited supply of rental stock, and they also have less capacity to cope with rising rents that look likely to keep going up due to the entrenched undersupply.
The 2024 ANZ CoreLogic Housing Affordability Report notes that weekly rents have been rising strongly since the pandemic and are currently re-accelerating. “Nationally, annual rent growth has lifted from a recent low of 8.1 percent year-on-year in October 2023, to 8.6 percent year-on-year in March 2024,” according to the report. “The re-acceleration was particularly evident in house rents, where annual growth bottomed out at 6.8 percent in the year to September, and rose to 8.4 percent in the year to March 2024.”
Rents are also rising in markets that have experienced recent declines. “In Hobart, rent values saw a downturn of -6 percent between March and October 2023. Since bottoming out in October, rents have now moved 5 percent higher to the end of March, and are just 1 percent off the record highs in March 2023. The Canberra rental market was the only other capital city to see a decline in rents in recent years, where rent values fell -3.8 percent between June 2022 and September 2023. Since then, Canberra rents have risen 3.5 percent, and are 1 percent from the record high.”
The Productivity Commission’s review of the National Housing and Homelessness Agreement points out that high-income earners also have more capacity to relocate to cheaper markets when rents rise, which creates more competition for lower-income households competing for homes in those same areas.
ANZ CoreLogic notes that rents in lower-cost markets have risen the most in recent years, so much so that the portion of earnings that lower-income households have to dedicate to rent has reached a record high 54.3 percent. For middle-income households, it’s 32.2 percent and for high-income households, it’s just 22.9 percent. ‘Housing stress’ has long been defined as requiring more than 30 percent of income to put a roof over your head.
While some high-income households may aspire to own their own homes, rising property values have made that a difficult and long process given the years it takes to save a deposit. ANZ CoreLogic data shows it now takes a median 10.1 years in the capital cities and 9.9 years in regional areas to save a 20 percent deposit to buy a property.
It also takes 48.3 percent of income in the cities and 47.1 percent in the regions to cover mortgage repayments at today’s home loan interest rates, which is far greater than the portion of income required to service rents at a median 30.4 percent in cities and 33.3 percent in the regions.
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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