Prestige Property: 10001/70 Southbank Boulevard, Southbank, VIC
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Prestige Property: 10001/70 Southbank Boulevard, Southbank, VIC

Luxury living at brave new heights.

By Terry Christodoulou
Fri, Feb 4, 2022 12:35pmGrey Clock < 1 min

Perched above the clouds is a penthouse in Melbourne’s Southbank that goes beyond superlatives, elevating notions of luxury living to new heights.

A truly one-of-a-kind penthouse, it is located in Australia 108 — one of the country’s most spectacular developments designed by the acclaimed Fender Katsalidis, taking up nearly 800sqm, or, the entire 100th floor of Melbourne’s tallest residential tower.

Within the 4-bedroom, 5-bathrooms, and 5-car parking residence comes panoramic views encompassing the Melbourne CBD, Albert Park Lake and Botanic Gardens through the floor-to-ceiling windows.

Throughout the penthouse is a collection of warm tones that decorate the open plan living zone inclusive of the kitchen, dining and living space on the north side of the residence.

The interiors, designed by acclaimed firm, Carr, pairs the home’s natural light to natural elements such as timber flooring and marble adornments echoed in the kitchen, which is fitted with European appliances and a butler’s pantry.

Further, the home offers a gallery space, office, home theatre room and multiple retreats.

Elsewhere the residence sees 4-bedrooms on its south side, with each with walk-in robes and ensuites, the latter fitted with marble adornments. Here, the master suite features both ‘his’ and ‘hers’ walk-in robes and oversized ensuite.

Living in one of the country’s finest residential towers comes with its perks with the building featuring three infinity pools, gyms a cinema, yoga room, dining rooms and golf simulator.

Southbank rests on the cusp of Melbourne’s CBD, nearby to the best dining and shopping precincts the city has to offer.

The listing is managed by Monika Tu (+61 409 898 888) with an asking price of $30.9 million. Blackdiamondz.com.au

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Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet tomorrow for the first time this year.

Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggests that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This would allow the RBA to step back from further rate rises for the next few months as it assesses the impact of tightening monetary policy on the economy.

The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.

Higher interest rates have coincided with falling home values, which Ray White chief economist Nerida Conisbee says are down 6.1 percent in capital cities since peaking in March 2022. The pain has been greatest in Sydney, where prices have dropped 10.8 percent since February last year. Melbourne and Canberra recorded similar, albeit smaller falls, while capitals like Adelaide, which saw property prices fall 1.8 percent, are less affected.

Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.

“December inflation came in at 7.8 per cent with construction, travel and electricity costs being the biggest drivers. It is likely that we are now at peak,” Ms Conisbee said. 

“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again. 

“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”

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