Penthouses having been making a return to the market in recent months thanks to the growing popularity of high-rise living.
“People who previously would have opted for a house are now happy to live in an apartment. There’s a changing sentiment. Money is shifting from established homes into larger apartments,” MAB Corporation’s general manager for residential David Allt-Graham, told the AFR.
Earlier this year, the penthouse of the Australia 108 building – soon to be the tallest building in the Southern Hemisphere – set a new national property price record selling for $25 million.
The purchase made it the most expensive apartment ever sold in Australia, taking the crown from the prestigious Pacific Bondi Beach apartment which sold for $21 million last November.
“For the last 10 years we’ve not felt there was a burning need for people in that realm to come out and buy bespoke penthouses,” Mirvac’s Head of Residential John Carfi told the AFR.
“For the person who owns the top-floor apartment… it’s probably the biggest asset they’ve got. For a penthouse buyer, it’s one of the things you own. It’s all relative.”
James Packer’s multi-story penthouse is slated to be the next big thing, with rumours of a $100 million price tag attached to the waterfront property.
Here’s a look at some of the most expensive penthouses in Australia.
1. Then Australia 108 penthouse was sold for a record breaking $25 million. It spans across 750 square metres and stands 319 metres above the Southbank promenade, offering 360 degree views of the city.
2. The Pacific Bondi Beach penthouse was the most expensive penthouse last year selling for $21 million. The two-storey apartment, designed by Burley Katon Halliday, has four bedrooms, an internal lift, a vast main bedroom with a spa and a gym, and 40 metres of Bondi Beach frontage.
3. James Packer's proposed $100m Barangaroo Penthouse may be Australia's most expensive property yet. The two-storey penthouse have a prime position on Sydney Harbour and is rumoured to attract a nine-price tag, smashing all property sales in Australia.
4. The $17 million sale of The Residence penthouse on Sydney's Hyde Park was purchased by an offshore Chinese investor. The luxury residence comes with its own personal rooftop pool including a 270-degree view of the city and harbour.
5. What was once a restaurant with spectacular Sydney Harbour views is now being transformed into a luxury penthouse apartment. The luxury property was previously Lebanese restaurant Cadmus and was expected to come with a $40 million price tag making it one of the country’s most expensive apartments.
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