Luxury Apartment Spending Sky High
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Luxury Apartment Spending Sky High

Spending on super-prime apartments has surged in the first half of 2021.

By Terry Christodoulou
Thu, Oct 14, 2021 1:26pmGrey Clock 2 min

Sales of luxury apartments worth more than $10 million have risen nearly eightfold during the first half of 2021 when compared to the decade average according to Knight Frank research.

Ultra-rich buyers have splurged more than $650 million in Sydney alone with 67 super-prime luxury apartments changing hands around the country – a steep rise from the 8.7 average annual sales over the past 10 years. Of note, the majority of the transactions were at Crown Residences at One Barangaroo.

Knight Frank defines super-prime properties as the top 1% of each market by value. Around the country that sees a threshold of more than $10 million in Sydney and Melbourne and $7 million in Brisbane, Perth and the Gold Coast.

The recently coined ‘rightsizer’ – those downsizing from stately homes to luxury apartments – tended to target newly built or off-the-plan apartments. However, Sydney differed from the rest of the country where the lack of new stock forced buyers to look at existing builds according to Michelle Ciesielski, Knight Frank’s head of residential research.

“The surge in demand was driven by ultra-wealthy buyers looking for a low maintenance apartment with house-like proportions for entertaining, as well as those seeking a secured luxury apartment residence that can be easily locked up when they jet off for long periods of international travel again next year,” she said.

Higher demand for luxury apartments has lifted values for new apartments by 46% since June 2015 – outperforming the established apartment market which recorded a strong, 31% increase in major cities.

Sydney was the only city that didn’t follow the trend, with the older stock soaring by 48% compared to 30% for new apartments.

Ms Cieselski said apartment values should continue to rise further in the years ahead, with a falling supply forecast.

“In contrast to increasing demand, the pipeline of new apartments in prime regions around Australia will fall by 39% over the next three years across low-rise, mid-rise and high-rise projects, which will mostly be felt in Brisbane and Sydney,” she said.



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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