Australia’s luxury penthouse market to lure more Asian buyers

first_imgSupernova is atop Australia 108, South Bank, Melbourne by developer World Class Global.Is it any surprise why cashed-up Asian buyers are heading to Australia to invest in the luxury penthouse market?A devaluing Australian dollar, unrest in Asia and the dramatic improvement in the premium residential market is drawing more international buyers to our shores.International interest in luxury Australian residential properties has seen the launch of The Penthouse Collection by leading property agency CBRE, which has enhanced its focus on high-net-worth apartment buyers. MAYOR SELLS WATERFRONT HOME MORE REAL ESTATE NEWS: The view from a three-bedroom Hong Kong apartment priced at $8,457,648. Greenwood Terrace, 26-28 Sui Wo Rd, Shatin, Fo Tan, New Territories. Photo: realestate.com.au The Shoreline Penthouse, North Steyne Rd, Manly (Sydney) by developer Made Property. On the Gold Coast, CBRE director Nicholas Clydsdale said as Australia’s population continued to age, wealthy buyers were moving away from sprawling houses and estates into a lower maintenance lifestyle without compromising on luxury and amenity. “They still want to welcome the extended family for milestone events but also want the freedom to travel extensively without having the stresses of a large property to contend with,” he said.“Gold Coast penthouse product is standout in Australia and is known for generous size compared to capital city markets,” Mr Clydsdale said.“…We find that each penthouse buyer we deal with in our marketplace is expecting the developer to be able to deliver a fully tailored apartment to suit their needs”. Inside a three-bedder in Hong Kong for sale, priced at over $8 million. Photo: realestate.com.au HOMESTEAD UNDERGOES MAJOR RENOcenter_img ‘BOB THE BUILDER’ TRANSFORMS HOME It’s a tight squeeze in this Hong Kong apartment for sale at over $8 million. Address: Greenwood Terrace, 26-28 Sui Wo Rd, Shatin, Fo Tan, New Territories. Photo: realestate.com.auCBRE Brisbane director Brett Jackson said international interest was predominantly from Hong Kong, followed by the United States, Singapore and Europe. Mr Jackson said the market was seeing more of an international audience turning their heads specifically to Brisbane due to its rapidly changing face.“It’s so much more aesthetically pleasing due to new projects being completed like Howard Smith Wharves, Queens Wharf and The Calille Hotel – it’s on its way to being a real sexy city,” he said.“Penthouse living is all about the best of the best. When you marry this up with strong local and international demand, and very little supply it’s a super attractive offering. I think that you will see a real concerted effort by good developers with sites in premium locations to create this type of amazing product.” The focus is exclusive Australian penthouses in Sydney, Melbourne, Brisbane and the Gold Coast with sales ranging from over $8 million (Brisbane) to $30 million.CBRE Residential Chairman Justin Brown said the “planets had aligned” for prime property in Australia this year, due to the devaluation of the Australian dollar, unrest in Asia and the dramatic improvement in the premium residential market – establishing Australia as an investment haven. “We have seen mounting interest from prime purchasers looking to buy in various international locations and this collection is the first of its kind to showcase a comprehensive Australian selection of prime and trophy assets, which we believe will be highly sought,” Mr Brown said. Le Chateau is atop Castle Residences, Castlereagh St, Sydney CBD by developer UDS.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoSize, exclusivity and location are some of the defining factors of the first properties to beincluded in The Penthouse Collection.The apartments offer luxury inclusion such as private lifts, wine cellars and rooftop pools, inaddition to valet and concierge services.Mr Brown said there was an intent to continue The Penthouse Collection on an annual basis, given the increasing appetite for super prime apartments in Australia’s residential market.Andrew Leoncelli, managing director of CBRE Victoria, said Melbourne had the biggest Chinese population out of any Australian city.“There’s an extremely strong Chinese culture here. Wealthy business people like it and the casino is a big drawcard,” Mr Leoncelli said.He said four years ago a Melbourne penthouse was bought by one of southern China’s wealthiest businessmen for $25 million at Southbank tower, Australia 108.“It’s currently under construction and a good example that people with a lot of money want to come here. The buyer is only going to use it for two weeks of the year,” he told The Courier-Mail. Elysian at Broadbeach, Gold Coast by developer Spyre Group. For more real estate news follow us on Facebooklast_img

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