Prestige Property: 3804/439 Collins Street, Melbourne VIC
Lofty living in the heart of Melbourne’s CBD.
Lofty living in the heart of Melbourne’s CBD.
Spread over two dramatic levels inside Melbourne’s landmark residence, the Collins Arch, comes the luxurious ‘Penthouse 3804’.
Located in the centre of Melbourne’s CBD, the penthouse arrives with 371.5sqm of internal living and a further 113.5sqm located on the external terrace. Throughout the 3-bedroom, 3-bathroom, 4-car garage residence, full-height windows take in the views of Melbourne’s skyline, with the accommodation arranged to maximise the availability of natural light.
With the interiors designed by Woods Bagot, the penthouse sees the use of ambient natural stone, oak flooring underfoot, brushed nickel finishes and custom joinery throughout.
Entering through the lower-level formal entry, complete with private lift, the penthouse extends to a formal living area with the aforementioned north-facing views of Melbourne’s skyline alongside heady swathe of built-in cabinetry and a marble fireplace.
Taking the spiral staircase, which is carved from marbled stone (no-less), sees one arrive at the primary upper-level living.
The residences upper level is split into two distinct pods. Here, the bedrooms encompass the entire eastern wing of level 39. The master suite offers commanding views and direct terrace access alongside further bespoke cabinetry and decadent ensuite. There is a further two bedrooms found here.
Elsewhere, the intelligently zoned living areas features a beautifully appointed kitchen complete with a Cote d’Azure marble used for the splashback and island bench alongside a butler’s pantry.
Marble also adorns the bathrooms throughout the residence while feature lighting is understood to be sourced from local brands, with bathroom feature lights from Articolo and kitchen pendant by Rakumba.
There are perks to being on the top, with the Arch privy to a three-level atrium style rooftop skygarden atop the building – which the penthouse has direct access to.
Further mod-cons within the $1.2 billion build include a 25-metre swimming pool, gym, yoga room, wine cellar, entertaining lounge and terrace (not that you’ll need that), and two private dining or conference rooms.
Located in the heart of the CBD, there is unsurpassable connectivity to the city and its surrounds.
The listing is with Colliers Sam Nathan (+61 4 075 552 922), price guide $7.85m; collinsarch3804.com.au
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Amid looming rate rises, there are reasons to be cheerful as mortgage holders head into 2023
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.”
Inspired by some of California’s best known Modernist architecture.