Keep your head in the clouds in a property with its heart in the city
The house-like proportions at an exceptional vantage point make this apartment a once-in-a-lifetime opportunity for families set on luxury
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It’s hard to think of another city in the world that offers the kind of diversity and amenity that Sydney delivers. While many focus on the stunning harbour, there’s a myriad of beautiful waterways providing a connection to the natural environment while also keeping a finger on the pulse of a vibrant city centre.
This recently completed penthouse apartment on the Parramatta River in the heart of Sydney’s second major city is a perfect example of luxury living. Located in The Lennox, a 46-storey apartment building designed by Marchese Partners and JPW Architects, the property at 4602/12 Philip Street, Parramatta has four bedrooms and three bathrooms, with 3m-high ceilings adding to the sense of space and gracious comfort.
The open plan living and dining area features timber floors laid in a chevron pattern and leads onto an exceptionally well-equipped kitchen featuring Gaggenau appliances, a built-in coffee machine, a Vintec wine fridge and Zip hot and cold tap.
A generous, north east facing outdoor living area is accessible via bi-fold doors leading off the living area, offering commanding views of the surrounding area. The house-like proportions of the apartment allow for distinct sleeping and living zones, with three of the four bedrooms separated by the dedicated home office space. A fourth bedroom on the other side of the living area would be ideal for visiting guests.
In addition to the spacious apartment, the property is being sold with secure parking for three cars. There is also access to a 24-hour concierge service, as well as a 20m heated swimming pool, a fully equipped gym and a dedicated function room.
Address: 4602/12 Philip Street, Parramatta
Price guide: $4 million
Agent: Sunny Gandhi sunnyg@theagency.com.au 0421 336 689
Inspection: By appointment
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The US housing market remains under pressure as high mortgage rates continue to weigh on affordability and demand. Industry leaders say 2026 has been one of the toughest years for home sales, with slower price growth, weaker mortgage activity, and fewer buyers entering the market. However, experts say reduced competition and more price cuts could create opportunities for well-prepared buyers.
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The typically busy spring season for the housing market was a dud, and the summer isn’t looking much brighter.
Housing services companies like Zillow Group and Rocket RKT +3.78% were loud and clear last week on earnings calls: Rocket CEO Varun Krishna called the quarter through June “one of the toughest spring housing markets in years.”
Jeremy Hofmann, Zillow’s chief financial officer, said on a conference call that the company predicted earlier this year that the market for mortgages would be flat. “We actually now think it’s going to be down low-to-mid-single digits,” he said.
The rest of 2026 will remain challenging for mortgage origination volume, says KBW analyst Bose George. The question now is what happens in 2027. “If mortgage rates remain [around] 6.75%, I think that’s going to be challenging even for next year,” he says.
But what’s bad news for mortgage companies could be a positive for bargain hunters. Buyers can expect prices to grow more slowly—or mildly decline—with less competition as long as mortgage rates remain unpredictable.
Mortgage rates at the beginning of the year were solidly below year-ago levels, notes Zillow senior economist Kara Ng. But they surpassed last year’s levels recently, she adds, referencing Freddie Mac’s weekly survey of 30-year fixed mortgage rates. Last week’s reading, at 6.69%, was higher than year-ago levels for the first time in 2026.
“From the affordability point of view, it’s going to get more challenging in the second half of the year,” she says. “And when affordability gets more challenging, that impacts sales and home price appreciation.”
Mortgage application data tracked by the Mortgage Bankers Association has cooled since the beginning of the year. The trade group expects that the number of mortgage originations in the remaining two quarters will lag behind last year’s levels, after exceeding 2025 levels in the first half.
Rocket’s early-stage data—which the company told Barron’s it derives from its brokerage Redfin, demand for its mortgage products, and signs in its servicing portfolio that a homeowner is preparing to refinance or move—“leads us to expect the third quarter mortgage market to be smaller than the second,” Chief Financial Officer Brian Brown, said on the company’s call. He added that such an occurrence is “something the industry has not seen since 2022.”
Prices will be about flat nationally, Ng says. Zillow’s most recent forecast, which shows how values are expected to change in the year ending June 2027, show them dropping in roughly half of the 100 largest U.S. metros for which data is available.
Buyers aren’t rushing in at a time when mortgage costs are rising and unpredictable. But those with the right combination of patience and cash could stand to benefit. “If you are financially qualified to buy a starter home, you are facing less competition and you’re more likely to get a price cut,” Ng says.
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