While Sydney is in the grips of a housing shortage, for the rich and ultrarich, demand for the best of the best remains high. At the nearby Crown residences, billionaire James Packer has paid $72 million for a two-level penthouse, while the top-level penthouse remains unsold with a price tag of about $100 million.
An artist’s impression of a master suite in Lendlease’s One Circular Quay project, due to be completed by 2026.
According to the latest Knight Frank global Wealth Report, released in March, Sydney recorded 99 sales worth more than $US10 million ($15.3 million) in 2022, ahead of Geneva at 69 and Paris with 23.
In the ultra-prime sales, where properties are valued at more than US$25 million, Sydney recorded seven, sitting just above Paris, with six. One of these sales included Multiplex heir Andrew Roberts $24 million purchase of a Notts Avenue penthouse next to Bondi Icebergs in 2022.
Knight Frank head of residential Erin van Tuil said the top end of the market was more resilient and much less likely to be impacted by interest rates rises.
“This is why we have seen strong transaction activity in Sydney’s super- and ultra-prime markets last year as the wider residential market experienced a lull in activity,” van Tuil said.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
