Sky-high prices paid show market’s on the rise

Two big off-the-plan apartment sales in Sydney and Brisbane have started the year in style – netting almost $21.5m for one and $15.75m for the other.

An artist's impression of the view from one of the apartments in Moray House, Brisbane.

Luxury buyers have proved they were willing to wait, as the year began with two big-ticket off-the-plan apartment sales in Sydney and Brisbane.

Sydney downsizers started off the year with a bang, outlaying $21.49m to secure the second penthouse within Double Bay development Ode – which won’t be finished until 2025.

The local couple is trading their harbour-front home in the eastern suburbs for the three-bedroom, three-bathroom apartment, which has its own private rooftop terrace and spa.
Top Spring Australia is developing the project. Managing director Sydney Ma said Ode Double Bay was introducing “visionary architecture to the epicentre of the eastern suburbs”.

“The sale of the two Ode penthouses to local buyers is a testament to its exceptional architecture and location, and its enduring contribution to the renaissance of Double Bay,” Mr Ma said.

An artist’s impressions of the penthouse view from Ode in Sydney's Double Bay.

Multiple living and dining zones have been designated across the penthouse’s 219 sqm floorplan. The master bedroom features a custom walk-in wardrobe with leather finishes, and a bathroom complete with freestanding bath, double shower, marble benchtops, and travertine flooring. A private wine cellar connects to the kitchen and butler’s pantry.

The project initially beat the prestige suburb’s apartment record of a $16.092m sale last year. The adjoining penthouse also sold off the plan for $24.9m and a sub penthouse achieved $17.495m.

When finished, the five-storey development will house 15 three and four-bedroom apartments positioned above retail which has been leased to Sydney restaurateurs. The remaining apartments start from $9.695m.

Further north in the Sunshine State, a new penthouse record has been set in Brisbane with a $15.75m sale at a riverfront development at New Farm.

The buy-in cost to own one of Spyre Group’s six sky homes within the luxury project at 95 Moray St, New Farm, starts at $9m.

The two-storey top apartment of “Moray House” was secured by a local family and has an 800 sqm floor plan with sweeping views of the river and Story Bridge. It will feature a $500,000 car lift to the sky-garage within the residence.

An artist's impression of what buyers can expect to see from Moray House.

Place Kangaroo Point principal Simon Caulfield brokered the record deal, but it is unclear whether this is the top sale within the project as others have yet to be announced.

The eight-digit sale is less than $3m short of the city’s highest-ever purchase – which was set in 2018 by a cliff-side mansion at 1 Leopard St, Kangaroo Point for $18.84m.

For the buyer who cannot wait, a sub-penthouse valued between $10m and $11m has come on to the market in Melbourne overlooking St Kilda Beach.

Located on the sixth floor of Gurner’s Saint Moritz tower, the three-bedroom apartment features an open-plan design for entertaining, top-of-the-range Gaggenau appliances and restaurant-sized fridges.

A sub penthouse within Gurner's Saint Moritz tower at St Kilda is on the market.

The building has a 24-hour concierge and Samsara Wellness Retreat, with pool, spa, sauna and salt room facilities and champagne facilities, topped off with a cinema, champagne bar, sports bar and golf simulator.

The Agency’s Michael Paproth said the lifestyle on offer rivals that of a luxury hotel.

“It’s an international residence akin to London or New York,” he said.

“We’ve had a lot of international interest; of our eight inquiries so far, six have been from overseas.

“The forecast correction of the Australian dollar makes this an attractive proposition for UK and US buyers – and inexpensive by international standards.

“But, I wouldn’t discount a local buyer as St Kilda is a parochial suburb, people come back to relive their youth or remember where they first fell in love.”

Mr Paproth did not expect the market downturn to play a part in this sale given the target market, noting that “smart money” was exchanging hands now and taking advantage of market uncertainty.