Level 33 resets Kiama apartment price record with $6 million ELAN penthouse sale
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Developer-builder Level 33 has achieved a new benchmark in Kiama’s prestige property market, securing a record-setting $6 million sale of the penthouse at its boutique Elan Kiama development. The result establishes a new apartment price record for Kiama.
A new benchmark for Kiama apartment living
Perched on one of the highest points in Kiama, Elan captures uninterrupted ocean views and represents one of the South Coast’s rare boutique apartment offerings. Designed by award-winning PBD Architects, the development comprises just 19 three-bedroom residences and a single full-floor penthouse.
Located in the heart of Kiama, Elan places residents within walking distance of Surf Beach, Kendall Beach, the town centre, boutique shopping and the harbour, offering a low-maintenance lifestyle in one of New South Wales’ most tightly held coastal communities.
Record-breaking penthouse reflects demand for luxury coastal apartments
The record-setting penthouse spans 468 sqm and features three bedrooms, a study, ensuites to every bedroom, a powder room, butler’s pantry, walk-in laundry, built-in bar, fireplace and a sculptural Taj Mahal stone kitchen island complemented by premium Gaggenau appliances.
The residence also includes three balconies, one exceptionally large entertaining terrace and a private plunge pool, maximising the uninterrupted coastal outlook.
The purchasers, a local couple who have lived in Kiama for the past decade, said the apartment offered the opportunity to downsize without leaving the lifestyle they love.
“It’s a lifestyle choice. We’re downsizing with elegance,” one of the purchasers said.
“We actually saw the advertising for Elan and where they were building while walking past. We then ran into the agent in town and arranged to meet.
“It had to be oceanfront. We currently live in a large coastal home with ocean and mountain views, and we wanted to keep that connection to the coastline.”
Why long-time locals chose Elan Kiama
The purchasers said Kiama’s lifestyle, community and natural beauty made the decision an easy one.
“The magnificent views, the sense of community and the people here make Kiama truly special. It’s a welcoming, caring place. It’s a busy coastal town, but it’s still small.
“We have access to everything we need nearby in Shellharbour, but Kiama itself has so much natural beauty, from the ocean views and lighthouse to the harbour, whales and mountains.”
They said the architecture and attention to detail also separated Elan from every other apartment development they inspected.
“We loved the architecture, the beautiful curves and the modern finishes, particularly the Gaggenau appliances. We looked at other properties, but nothing compared to it. It was perfect. It ticked all our boxes.”
The couple, who own a business in the Riverina, are looking forward to entertaining friends, family and grandchildren in their new home.
“It’s large enough to fit all of us.”
Level 33 focused on boutique, owner-occupier living
Level 33 Founding Managing Director Eddy Haddad said the record sale reflected the company’s commitment to delivering homes designed for long-term owner-occupiers.
“From day one, the focus has been on delivering a building with exceptional design, quality finishes and homes that people genuinely want to live in.
“Seeing that excitement reflected in our future residents is what drives us, and it’s rewarding to know people share the same vision and appreciation for the quality we’ve worked so hard to deliver.
“We believe this will be a building with a real sense of community, where residents feel proud to call it home for years to come.”
Victorian auction buyers will soon receive a piece of information that has traditionally been withheld until bidding reaches it: the vendor’s reserve price. Under new property-sale and underquoting laws, agents must publish the agreed reserve at least seven days before an auction or fixed-date sale. Most changes begin on 1 October 2026 and apply to …
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New detached-home sales fell 10% nationally in August, led by a 27% decline in Victoria, raising concerns about construction starts in 2027.
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Australia’s hoped-for recovery in housing construction is losing momentum before it has had time to close the national supply gap.
Sales of new detached homes fell 10 per cent nationally in August, according to the Housing Industry Association’s survey of major volume builders across the five largest mainland states. It was the fourth consecutive monthly decline.
The fall was broad rather than isolated. Victoria recorded the largest retreat, down 27 per cent, followed by Queensland at 20.2 per cent, New South Wales at 17.5 per cent, South Australia at 10.8 per cent and Western Australia at 8.2 per cent.
Across the three months to August, sales were 19.3 per cent below the preceding three-month period and 7.7 per cent lower than the equivalent period a year earlier.
New-home sales matter beyond the immediate fortunes of volume builders. They are an early indicator of future starts: buyers sign contracts, finance is finalised, approvals are secured and construction follows months later. A sustained sales decline during the middle of 2026 is therefore likely to weaken commencements during 2027.
The slowdown reflects the collision of several pressures. Households have absorbed multiple interest-rate rises, reducing borrowing capacity and increasing the repayment cost attached to a new build. Established-home prices have softened in some markets, weakening the relative appeal of waiting through a construction period. Builders continue to face elevated labour and material costs.
The Reserve Bank’s August analysis showed new-dwelling construction prices increased 1.8 per cent during the June quarter and 5.3 per cent over the year. It attributed part of the pressure to oil-derived building products and other conflict-related costs.
Policy uncertainty can also cause buyers and investors to defer large commitments. But the precise contribution of any single tax or regulatory change is difficult to isolate from rates, confidence, land prices and construction costs. The HIA survey should be read as an indicator from large builders rather than a complete count of every dwelling sale.
The figures complicate progress towards the Housing Accord target of 1.2 million homes. The National Housing Supply and Affordability Council reported 308,000 completions since the Accord began and 244,000 dwellings under construction in the March quarter. Approvals and commencements had improved, but falling sales risk undermining the next wave.
For developers and governments, the warning is that planning approvals alone do not create homes. Projects need finance, viable construction pricing and buyers able to settle. If one part fails, approved supply can remain on paper.
Data box
National August new-home sales: Down 10 per cent
Three months to August: Down 19.3 per cent from the preceding three months
Year-on-year three-month comparison: Down 7.7 per cent
Victoria: Down 27 per cent
Queensland: Down 20.2 per cent
New South Wales: Down 17.5 per cent
South Australia: Down 10.8 per cent
Western Australia: Down 8.2 per cent
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