IT’S thought of the icing on the cake, the creme de la creme, the very best of the very best in condo residing.
I’m speaking in regards to the not-so-humble penthouse – that aspirational piece of actual property that’s all the time in demand and which everybody would like to personal.
A string of latest high-profile penthouse gross sales proves these trophy houses nonetheless maintain sway amongst well-heeled consumers, notably with these wanting a house-sized dwelling minus the upkeep.
Among the many swath of boutique developments going up alongside the Coast, the penthouses have usually been the primary to promote.
In Burleigh’s Luna growth, the place costs began at $3.9m, a Gold Coast couple secured the penthouse earlier than the event launched, whereas surf-mad developer Paul Gedoun determined he couldn’t half with the $10m penthouse in his Stream challenge in Coolangatta, set to be accomplished in 2022.
Farther north, Gold Coast leisure entrepreneurs Billy and Jackie Cross paid $6m-plus for the highest flooring condo within the 32-floor White Tower in Important Seashore.
Penthouses nonetheless in the marketplace carry equally weighty worth tags, such because the two-storey condo crowning The Monaco in Important Seashore, accessible for $8.9m.
And it’s not solely new builds which might be in demand, the outdated guard alongside the Coast are additionally attracting report gross sales.
None extra so than the Palazzo Versace. Whereas its resort rooms could have misplaced a few of their lustre – reviewers final week panned the resort calling it drained and outdated – the penthouse residences are tightly held.
Duncan Longmore of Kollosche Status this month offered two of the advanced’s six penthouses offmarket for $6.25m and $6.42m, a report for the constructing.
A two-bedroom, two-storey penthouse within the resort’s south constructing remains to be on the market by the agent and is open to expressions of curiosity.
Mr Longmore stated there was demand for status properties from three areas: interstate consumers in search of life-style, exclusivity and area; locals trying to step as much as get right into a trophy holding; and high-net price folks from Melbourne and Sydney desirous to safe one thing of worth available in the market.
“Folks in search of property in Sydney, the place they’re paying as much as $50,000 a sq. metre in some locations, come up right here and see one thing related for $10,000 a sq. metre and suppose it’s a cut price.”
Josh Mana of status property company Sotheby’s Worldwide Realty, who’s promoting 2801/1 Peak Ave in Important Seashore’s Park Lane Flats for $5.75m, stated till a number of weeks in the past the penthouse market had been “fairly dry”, however market exercise was ramping up and older buildings have been preserving tempo with new builds.
“They’re two completely different markets,” he stated. “Those that admire a constructing that has stood the take a look at of time and has a identified physique company are a distinct demographic from those that wish to purchase one thing model new and are prepared to pay a premium for it.”
Mr Mana stated the costs that could possibly be achieved trusted particular person condo blocks however it was usually troublesome to foretell.
“It’s all about demand. Most penthouses don’t transact that usually and after they do, the vendor is normally a neighborhood who hasn’t moved for a very long time. You may go on previous gross sales however as a result of the buildings all have a distinct really feel, it’s troublesome to know what worth degree is true,” he stated.
An excellent instance is 94/22 Montgomery Ave, Important Seashore, which had not been in the marketplace for 20 years. The penthouse was a vacation escape for Minnie Smorgon, 93, and her late husband Sam. The Smorgon household is likely one of the richest in Australia.
The property handed in at public sale, however Mr Longmore, who’s dealing with the sale, stated negotiations with potential consumers have been persevering with.
Mr Mana predicts there will probably be an increase in penthouse transactions this 12 months.
“Those that purchased on the peak of the market earlier than the GFC have been ready a decade for a market cycle the place they really feel they will promote and make a revenue or break even on one thing they’ve held for a few years,” he stated.
“As soon as one penthouse achieves phenomenal outcomes it begins a domino impact. It’s all right down to confidence.”