Living in a penthouse is an aspiration of many. Maybe you’re one of them. It’s not hard to picture yourself standing on a balcony of an apartment occupying the entire top floor of a building. With a epic views, premium fit outs and luxury amenities, it’s not hard to see why this style of living is so sought after.
Why Sydney Still Craves Luxury Penthouse Apartments
Demand for penthouse apartments in Sydney is high. The city is undergoing a property market correction of sorts, but it still holds onto the idea of penthouse living, and despite some market trends which might lead you to expect a drop in demand and prices, penthouse living is still highly sought after.
The Cost of Living in a Penthouse Apartment in Sydney
In spite of the challenges that Sydney real estate is facing, there is still a huge demand for penthouse apartments. In 2016, Sydney saw an increase in sales of luxury apartments, and luxury apartments eventually became a significant part of the total sales in the real estate market in the region.
The Soaring Penthouse Apartment Market in Sydney
If you are wondering how much does a high-end penthouse apartment cost in Sydney, a few price records can provide some insight into the high end. In 2016, two luxury apartments located in the Opera Residences, formerly the Coca-Cola Amatil building on Circular Quay, were valued at $26 million and $27 million, respectively. At the time they set the record for the highest price for a Sydney luxury apartment on a per square meter basis.
The $27 million Opera Residences apartment was valued at $96,000 per square meter. It broke the $47,000 per square meter-record that The Revy in Darling Island, Pyrmont set, which was followed by the $43,200 per square meter-record by One30 Hyde Park. More recently in June 2017, a penthouse at AMC Capital’s Quay Quarter at Circular Quay sold for $17 million with at $67,000 per square meter. In August of the same year, the luxury apartment atop The Castle on Castlereagh Street by developer Shanghai United sold for $18 million. The penthouse will be completed in 2020 with private lifts, a pool and indoor and outdoor gardens.
In December 2017 James Packer broke all records with his purchase of a two-level apartment in Barangaroo South at the Crown Resort complex, Australia’s most expensive apartment building. Packer paid a reported $60 million for the apartment with plans to spend a significant amount more on modifications.
Unlike in the past, penthouses these days are more than just three-bedroom apartments. Buyers’ expectations have raised the bar for the developers. Customization of penthouses according to the buyer’s preference is now a prerequisite selling point for real estate agents. Buyers in Sydney, particularly those who are transferring from a large family home, have special requirements when it comes to internal layouts. Reconfiguration can include media rooms, a study, butler’s pantry, or additional living areas.
Other modifications that can be performed on a penthouse include:
- Luxury fixtures, fittings and appliances
- Installation of a spa on the terrace
- Rooftop swimming pools
A private lift lobby is another requirement that penthouse designers have to take into consideration. In terms of facilities offered by a residential building, a real estate agent or broker who is dealing with a well-traveled buyer has a better chance of closing a deal if the building has some or all of these conveniences: a concierge, swimming pool, spa and gym. Penthouse buyers in general may also prefer a building located in the waterfront area.
Hotel Style Conveniences
Living in a penthouse gives owners the feeling that they’re living in a hotel. If you are downsizing from a large house and you want luxurious conveniences, buying a high-end penthouse apartment is the way to go. Another convenience of living in a penthouse apartment is having the space and privacy with no maintenance, which is almost always necessary when you live in a house with a garden. Living in a penthouse is attractive to many people because of the lock-and-leave convenience. A penthouse is very good option when you are want to travel the world and visit family and friends abroad.