Luxury living reaches new heights

1 November 2019

Luxury living reaches new heights

140 million dollars – that’s the new record for Australia’s most expensive home – but it’s not a house – it’s an apartment and it’s still yet to be built.

Spanning three levels atop the tallest of three luxury towers being constructed at One Sydney Harbour, the sale includes a two-storey penthouse and sub-penthouse below, that can act as integrated or separate living quarters.

The home is complete with nine bedrooms, it has a rooftop pool, spa and gymnasium, it has a ‘significant’ master bedroom that developer Lendlease says is bigger than most homes – and is a total of 1,600 square metres.

Perhaps most surprisingly, the buyer is a local, who plans to call the penthouse home.

This sale suggests a big shift for the luxury real estate market, according to Lendlease Property CEO Kylie Rampa.

“The sale of the penthouse at One Sydney Harbour is a paradigm shift for the Australian property market with an apartment claiming the title of Australia’s most valuable residential property for the first time, a title historically reserved for significant houses,” said Rampa.

Lendlease has confirmed a further seven whole floor apartments have been sold as part of the development, due to be built by 2023 and say it proves there is significant depth in the super luxury apartment market here in Australia.

Artist impression of One Sydney Harbour. Credit: Lendlease

In 2018, the media seized on the ‘Boyd Residence’ a three-level penthouse apartment sitting atop the ANZ tower in Sydney’s CBD. With a sale price of around 66-million dollars, it was the most expensive apartment to ever be listed in the city.

However, all previous record-breaking sales have been reserved purely for luxury home estates.

Previous record holders

Fairwater, Point Piper, NSW – Around $100 million

Sold in September 2018 to tech billionaire Mike Cannon-Brookes. Previously owned by the Fairfax family, this was Australia’s first home sold for nine-figures at around 100-million dollars.

Built in 1881, Fairwater boasts 1.12 hectares of prime harbourfront land and was sold just two weeks after it hit the market.

Elaine, Point Piper, NSW - $71 million

Sold in April 2017, Elaine was purchased by Scott Farquhar, the business partner of Cannon-Brookes. Also owned by the Fairfax family, the three-storey mansion sits on a 6,986 square metre waterfront estate.

La Mer, Vaucluse - $70 million

Sold by James and Erica packer, this six-storey mansion was purchased to Businessman Chau Chak Wing in August 2015. The couple had only just moved into the giant property before they filed for divorce, left empty for two years before selling up.

Want more?