'God isn’t making too much more land': Penthouses take preference for luxury living
They’re the absolute kings of the castle – the luxury oversized homes sitting on the highest levels of some of Australia’s finest apartment buildings, with stunning layouts, fittings and views.
And they’ve never been more in demand.
“In the old days, the cheapest apartments on the lowest floors always used to sell first in the market,” says David Milton, managing director of CBRE Residential Projects. “But not now. Today, these buildings sell from the top down.
“Penthouses and high-end apartments are in huge demand all over Australia. There are a lot of baby boomers and wealthy older people who want a lifestyle change and apartments mean no more mowing lawns and doing maintenance and, at the same time, tremendous views and first-class security and services.”
Their popularity dipped slightly during the pandemic when houses on land enjoyed a resurgence because of the larger spaces and bigger outdoor areas they often offered.
“But now, with things settling down with COVID, penthouses are back high in appeal, especially the ones I consider are genuine penthouses that take up the whole of a top floor, and are in a good position,” says Peter Kudelka of Kay & Burton South Yarra.
“We have a lot of clients who have houses in the country or at the beach, but like a penthouse in the city too. They do love the prestige they have as well as the convenience and the way they can just lock up and leave when they go away.”
At the moment, there is a wide range of penthouses on the market around the country that fit what buyers are looking for in terms of both lifestyle and the kind of features that mean they’re likely to hold their value.
In Sydney, for instance, there’s the four-bedroom Kurraba Residences penthouse in Point Piper, with a price guide of $50 million, while in Potts Point, there’s Queensgate’s Sovereign penthouse – on the site of the iconic Bourbon in Kings Cross – at $16 million.
Other notable penthouses for sale are Aura’s in North Sydney, starting at $12.5 million, and two penthouses at the new Ode in Double Bay on sale for $21.495 million each, where the third recently sold for the area’s record-breaking $24.95 million.
Meanwhile, Melbourne has a selection that includes the three-bedroom, whole-floor penthouse at 700 Orrong Road, Toorak, with a price guide of $6.45 million, and Brisbane has a three-bedroom penthouse at 218 Vulture Street in South Brisbane that is seeking offers over $5 million.
“People see huge value in good-sized, generally top-floor high-end apartments in irreplaceable locations,” says Phillip Rand of YPM Group. “We end up with a lot of interest locally as well as interstate and from overseas.
“The one on Vulture Street, for instance, is only five years old but has had a bespoke renovation with top-quality finishes and features like one-way glass mirrors in the bathroom so you can see out to the skyline, and also your guests if you’re having a dinner party. I’ve had probably 200 inquiries on that so far.”
Interior designer Kirsten Stanisich of Richards Stanisich has fitted out many penthouses – most recently those at Aura – and says their buyers look first of all for glorious views and prestige, with excellent locations.
“Then, they want beautiful high-quality interiors, an elegant palette of materials and a sense of permanence,” she says. “They also want a generous sense of space with a good layout.
“Living and sleeping areas should always be separately zoned and there should always be a sense of arrival at the entry as a transition from the rest of the building to the privacy and intimacy of the penthouse.”
The features most in demand at the moment for penthouses are natural stones, timber or parquetry floors, and an atmosphere of restrained sumptuousness.
Those all feed into the sense of stature of the penthouse, which can be very important to purchasers, says Romaine Alwill, director of Alwill Interiors, who most recently designed the Ode penthouses.
“It has to feel exclusive,” she says. “It has to be special with the best light and space.
“Many of the buyers will be empty nesters who’ve moved from big houses and, although they’re downsizing, they still want the area and sense of luxury. That’s always front of mind when we do the interiors.
“The spaces have to be flowing and seamless and there has to be something unique, with ‘jewellery-box moments’, and a point of difference with other apartments in the same building.”
That might be plusher carpets, higher-quality timber flooring, feature wallpaper or bespoke detailed joinery with elements like leather inserts, and more bronze, brass or feature metalwork, as well as Venetian plaster, in bathrooms and kitchens.
“As well as those selling points, a lot of buyers no longer want to do the gardening at weekends, and they like access to a concierge and a cosmopolitan lifestyle near restaurants and shops,” says Allwill.
Most in the industry see the future as bright for penthouse living.
“God isn’t making too much more land,” says Kudelka. “So more beautiful apartments will be in bigger demand.”
Milton agrees. “I think the market for them is only going to get stronger,” he says. “People now understand apartment-living more and they’re always keen to get lots of space, whether that’s with a penthouse or, what’s a big trend now, by amalgamating two or three apartments.”
We recommend
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
