Australia's $25m Penthouse Boom

Market Insights
8 years ago
1 minutes

With last week’s record-breaking penthouse sale to an international businessman based in China, Australia 108 has signalled a green light when it comes to foreign-spending.

The 750sqm apartment located on the top floor of the Fender Katsalidis-designed development, the apartment, sold for an astonishing $25m AUD, was signed off at $33,000 per square metre. 

Located 319 metres above the busy streets of Southbank, the Australia 108 penthouse spreads across the whole 100th floor, and is equipped with private access to gyms and pools, as well as arguably Melbourne’s best views.

Andrew Leoncelli, Residential Managing Director of CBRE, told that the purchase signifies the strength in foreigner’s taste for Melbourne as a city and as an investment market.

"Melbourne has become an international city - voted the most liveable capital city on earth for the last five years in a row, we have what the rest of the world wants; great education, clean air, a genuine sense of community, a love of the outdoors and a matured place to do business."

"International buyers love what Melbourne has to offer, the sale of the penthouse is a feather in our great cities cap."

Earlier this year, two Bondi Beach apartments, situated next to each other, were sold for a combined $25m, however it is James Packer’s Crown Sydney development, that has a three-storey penthouse on top, that many believe will thrash the current apartment sale record.

Australia 108, developed by Aspial, a developer based out of Singapore, addressed Australia 108 as their debut in the Australian property market.

However, soon after the launch and eventual sell-out of the development, Aspial turned their attention to Avant - a development located at 54 A’Beckett St, this time, designed by Elenberg Fraser.