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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11 ACRES ROAD, KELLYVILLE, NSW

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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Property of the week: 32 Isaac St, Spring Hill
By KIRSTEN CRAZE
Fri, Nov 8, 2024 2 min

Spring Hill Enviro-Cottage is the ultimate fairytale of old meets new, an architectural marriage of two distinctly different eras that seamlessly come together in 21st-century Brisbane.

The Isaac Street home is one of Spring Hills original workers’ cottages that in 2010 was expertly transformed into a uniquely sustainable home with all the modern-day must-haves and plenty of boxes ticked on the wish list too.

While preserving the classic Queenslander, the 286sqm property has been reimagined to deliver an innovative and eco-friendly address. 

Kitchen joinery has been crafted from reclaimed timber, there is environmentally friendly paint, a suite of energy efficient appliances, solar power, underground water storage, and an Eco Plunge Pool.

Although the charming period facade remains, the rear of the house has an ultra contemporary backdrop of patterned Corten steel privacy screens that minimise heat and create dappled light across the interior spaces. At night, the unique partitions geometric laser-cut design provides a star-like feature in the main bedroom suite.

The considered passive design principles extend to the strategically located louvres, doors and windows that draw in cooling breezes, while a vast skylight over the dining area and kitchen allows for plenty of natural light in winter. Burnished concrete floors keep the ground cool and grand walls of glass peel back to reveal a seamless flow to the outdoors with a grassed and landscaped private courtyard. 

Although the ground floor has been designed for everyday living and entertaining, the multi-purpose front room with ensuite is an ideal guest retreat or even a perfect ‘work from home’ space complete with a separate entry via the front patio. 

Upstairs, a mezzanine lounge provides another breakout area for families, and the two first floor bedrooms open out to the traditional full-width balcony overlooking the street. These bedrooms have built-in wardrobes and desks with a shared family-friendly bathroom.

At the rear of the footprint, a freestanding two-storey pavilion features yet another living space next to the pool with an integrated bar. Above the space the top floor main bedroom has an ensuite and walk-through wardrobe.

A long list of bonus features include ceiling fans in all bedrooms and living areas, a thermostat-controlled whirlybird to extract excess heat, a 5kW solar system with a SMA Sunny Boy inverter, a 20,000L rainwater tank, a filtering and UV disinfection system and a solar hot water system with 450L storage tank.

Although there is a lock up garage, this city-fringe home is within walking distance of Roma Street Parkland, Roma Street Station and Victoria Park. Brisbane Central State School is also only two streets away.

In keeping with Queensland consumer law, properties going under the hammer cannot carry advertised price guides.

This Brisbane home at 32 Isaac St, Spring Hill is on the market with Ray White New Farm with an auction date set for November 30. For details contact agent Samuel Angus on 0411 044 949.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

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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