The penthouse of the Australia 108 building – soon to be the tallest building in the Southern Hemisphere – has set a national property price record selling for $25 million.
It makes it the most expensive apartment ever sold in Australia.
The record-setting purchase, made by a Chinese businessman whose identity has not been disclosed, has bumped down the prestigious Pacific Bondi Beach apartment from it’s number position, previously holding the record after selling for $21 million last November.
The Australia 108 penthouse spans across 750 square metres and stands 319 metres above the Southbank promenade, offering 360 degree views of the city. See photos of the incredible tower here.
A recent parliamentary inquiry into foreign real estate investment has changed the rules for those aboard buying property in Australia, but because the Australia 108 purchase was made off-the-plan, it slips through the Foreign Investment Review Board for Chinese nationals, who are legally permitted to buy property in Australia if it’s new.
The sale also sets a benchmark for James Packer’s proposed two-level penthouse in the casino planned for Barangaroo. The luxurious apartment is expected to be worth up to $100 million, and again will be available to wealthy Chinese nationals.
The Chinese are the number one source of foreign-capital investment in Australian real estate, ranking the local as the most attractive destination for them to investment in overseas.
Even when given the choice between visiting the United States or Australia, Chinese respondents prefer Australia by a margin of two to one. Read more about that here.
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