Prestige Market

A Brisbane development has set a new apartment sales record in Spring Hill, with a local family purchasing a penthouse in ORIA for $5.5 million.

Situated at 447 Gregory Terrace, ORIA by Keylin will soon rise above its inner-city location opposite the 65ha Victoria Park and future Olympic cross-country equestrian and freestyle BMX venues.

Designed in collaboration between MAS Architecture Studio, WILD Studio and Jackson Teece, the residence delivers a consistent design language between the architecture, interiors, landscaping and location.

[smartcode_project:default project_id=109146 project_image_fid=181322]

Its elevated setting and its Art Deco-inspired design complement the heritage and architecture of Spring Hill, complemented by elegant interiors and intricate detailing, from the marble-columned foyer to accents of marble, brass, timber and fluted glass.

The 400sqm, four-bedroom, four-bathroom penthouse is located on the fourteenth floor, sold with three car spaces and secure basement storage.

The home features herringbone timber floors, striking ceiling coffer, fireplace, private wine room and bar, feature wall panelling, and custom stone and timber joinery.

Spanning almost one-quarter of the apartment, the master bedroom is complete with an 18sqm walk-in robe, a private reading area, and an oversized ensuite with a freestanding bath.

[smartcode_project:default project_id=109146 project_image_fid=181323]

The kitchen boasts a monolithic stone island bench, premium Gaggenau and Liebherr appliances and a butler&rsquo;s pantry, while 9-foot ceilings and full-height windows frame uninterrupted views towards the Brisbane CBD and Victoria Parklands.

Keylin managing director, Louis Cheung, said ORIA&rsquo;s sky home presents a refined fusion of Art Deco design and contemporary comforts.

&ldquo;It is also the only residence to enjoy direct access to the private resident amenities on Level 14, which include a cinema, business centre, private dining room, outdoor dining and relaxation areas, and extensive tropical landscaping&rdquo;, Cheung said.

[smartcode_project:default project_id=109146 project_image_fid=181324]

The 25-metre reef-edged pool, located on the first floor, features bold geometries and sub-tropical gardens that create an urban sanctuary from the busy city life of Brisbane.

Three four-bedroom sub penthouses will be released to the market soon.

Launched in October, ORIA is now 80 per cent sold and construction is scheduled to commence in early 2022.

[smartcode_project_cta: project_id=109146]

A Brisbane development has set a new apartment sales record in Spring Hill, with a local family purchasing a penthouse in ORIA for $5.5 million

max.kwok_55688

Brisbane's prestige off-the-plan apartment demand high in with $5.5m sale at ORIA, Spring Hill

<html><body>
EXPERT OBSERVER
Have you ever wondered what it takes to own a property in the top two percent of the market?
Nationally, you’ve made it into the 98th percentile if you own a house worth at least $2.16 million (roughly $1.6 million above the national median house value) or a unit worth $1.43 million (about $930k higher than the national median unit value) or higher.
Although the national entry point to the top 2% club looks extremely high for most of us, the national figure is skewed higher by Sydney and Melbourne where housing values are much higher.
A 98th percentile house would set you back at least $3.21 million in Sydney ($2.3 million above the median) and $2.53 million in Melbourne ($1.8 million above the median), while in more affordable areas such as regional South Australia, the top 2% of the market is a much lower $553,790.
<img src="https://www.urban.com.au/images/2019/10/25/2%20CL%201.JPG" alt="">
Darwin is the only capital city where the 98th percentile for a house is less than $1 million, at $878,100, while across the regional areas of each state, every area apart from Regional NSW and Regional Qld, shows a 98th percentile lower than $1 million.
The top two percent of the market is lower for units, with every capital city except Sydney and Melbourne showing a 98th percentile below $1 million.
Sydney’s 98th percentile unit value was $1.88 million in September ($1.17 million above the median) and Melbourne’s 98th percentile unit value was $1.20 million ($651k above the median).
But what if being a national or city wide two percenter isn’t quite enough? Across New South Wales the municipality with the highest 98th percentile is Woollahra at $8.16 million, followed by Mosman ($7.79 million) and North Sydney ($6.04 million). Outside of Sydney, the Byron Shire has the highest 98th percentile house value at $1.8 million.
<img src="https://www.urban.com.au/images/2019/10/25/2%20CL%202.JPG" alt="">
In Victoria, the Stonnington council has the most exclusive 2% of houses with a 98th percentile of $6.88 million, followed by Melbourne ($3.94 million) then Boroondara ($3.90 million). Across the regional parts of the state, the Surf Coast has the highest 98th percentile value at $1.33 million.
In Queensland, the highest 98th percentile house value can be found at Noosa on the Sunshine Coast, tracking at $1.87 million in September, followed by Brisbane ($1.52 million) and Gold Coast ($1.33 million). Outside of South East Queensland, the highest 98th percentile house value can be found at Douglas (north of Cairns) at $9.43 million.
South Australia’s Burnside council shows the highest 98th percentile at $1.66 million, with Unley ($1.66 million) and Walkerville ($1.55 million) taking up the second and third positions. Across the regional areas of the state the council of Yankalilla tops the 98th percentile at $708k.
Western Australia’s most expensive municipalities all show a 98th percentile for houses above $3 million, led by Peppermint Grove at $3.82 million and followed by Cottesloe ($3.35 million) and Nedlands ($3.11 million). Although housing values have dropped by more than 20% across Perth, these three areas remain in the national top 20 for the highest 98th percentile house value.
Outside of Perth, the highest 98th percentiles are at Busselton as well as Augusta-Margaret River, both at $1.4 million.
Across Tasmania, the only municipality with a 98th percentile house value over $1 million is Hobart, at $1.25 million. Kingborough ($874k) and Clarence ($816k) round out the top 3.
Outside of Hobart, the Huon Valley council area tops the 98th percentile at $667k. Across the Northern Territory, Alice Springs tops the 98th percentile rankings at $961k, followed by Darwin at $953k.
TIM LAWLESS is the CoreLogic Head of Research
</body></html>

tlawless-5VLUrbAk9s

The cost to own a property in the top 2% of the market: Tim Lawless

<html><body><div class="page" title="Page 51">
<div class="section">
<div class="layoutArea">
<div class="column">
A casual $1.5 million can get you into a four bedroom prestige waterfront home in Darwin, according to Herron Todd White's October Month in Review.
Herron Todd White said although Darwin's top-end market is not 'firing on all cylinders', the local prestige market has not suffered to the extent of other market segments.
"The prestige market is victim to a case of circumstances with investor confidence down as income growth has decreased since the start of 2015," the report noted.
"There are only a limited number of purchasers who operate in this market with properties being listed for long periods of time.
"There are limited markets in Australia that still offer the same opportunity to purchase prime waterfront real estate at this price point."
</div>
</div>
</div>
</div></body></html>

mick.cee-iDmgDDAmu8

Dip into Darwn's prestige market with a casual $1.5 million: HTW

<html><body>
The prestige market as a whole is currently dominated by a lack of supply, which is most keenly felt in traditional blue ribbon prestige areas such as the eastern suburbs and lower north shore, according to the latest report by Herron Todd White.
As a result, transaction numbers remain somewhat subdued, although strong buyer demand for this limited available stock level is translating into bullish prices being achieved in some instances.
Herron Todd White noted that the prestige market shows signs of strong price growth.
"With an overall strengthening in the prestige dwelling market combined with limited stock levels, the prestige apartment market has shown recent signs of strong price growth primarily driven by the empty nester buyers, who previously struggled to realise adequate selling prices as a flow on from the impact of the GFC," said the report.
"While the prestige market is not stimulated as strongly by the impact of interest rate fluctuations, we do consider that savvy participants closely watch the performance of global and local markets and remain concerned about the under performing and fluctuating equities market and moderate performance of the local economy.
"Should stock levels increase, we consider that buoyant market conditions currently enjoyed in the prestige space may weaken."
Prestige residential property in Sydney is generally considered to represent properties greater than $3 million.
Prestige homes are scattered throughout the greater Sydney metropolitan area, with the highest concentrations in the eastern suburbs and eastern beaches, inner city and inner east, inner west and the lower and upper north shores.
</body></html>

jchancellor-FAypfDUnLy

Sydney prestige prices may weaken with rise in stock: HTW 

<html><body>
Sydney's lower North Shore suburbs making record-breaking sales aren't indicative of the actually slowing market, according to the June report from valuation firm Herron Todd White.
Prestige property on the Lower North Shore appears to be following the current general market trend, with a reduced number of potential purchasers and these same buyers now have the luxury of taking their time to make decisions in purchasing, the valuation firm suggests.
It hasn’t definitively resulted in reduced sale prices as yet, there are still some very strong results, noted the report.
In particular, Cremorne had a record suburb sale in March this year, with a prestige waterfront home selling for $18 million.
Indicating the continued strength of the prestige market, that record lasted just over two months, broken by the sale of 8 Wonga Avenue, Cremorne (pictured above) in late May for around the $19 million mark.
The purchaser is reportedly a foreign buyer, showing that they are still present and remain confident in this segment of the market.
The Lower North Shore market is currently in line with most other Sydney markets for the most part.
A general slow-down is being reported by local agents in the area with fewer potential purchasers at open homes and fewer bidders come auction time.
The region has had a relatively strong 71% clearance rate for the week ending 27 May, noted the report.
The valuers stated that "although the general lower North Shore market is showing some resilience, we do expect the market to further soften over the next few months and then stabilise towards the end of the year.
"The investor product in particular, as in other areas, appears to be constrained by difficulty in gaining finance."
It is becoming clear that it is in fact the restrictive lending environment that is the main driver of softening prices, rather than an actual lack of confidence in the market.
With the current banking royal commission being undertaken, we do not see any potential change in restrictive lending in the near future.
"The banking royal commission on lending restrictions will have less impact in the prestige market, which is likely part of the reason we haven’t seen the same clear softening market conditions for prestige property on the Lower North Shore compared to the general market" concluded the HTW valuers.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Record property prices persist amid Sydney's lower North Shore slowing market: HTW 

<html><body>
Prestige property values are falling twice as fast as low-end housing, the investment bank Morgan Stanley suggest.
<div class="cq-article-content-paras section">
Daniel Blake, equity strategist, said there is no evidence of any economic, policy or banking changes that might stop the fall in property prices.
And regulatory changes are considered a further headwind.
</div>
The real estate values in top end postcodes has been sliding at an annual rate of about eight percent, compared to four per cent for properties in the bottom, or fourth quartile, its analysis shows.
Rising interest rates, political uncertainty, stagnant incomes and increasing investor nervousness about the Labor Party's proposed changes to negative gearing are contributing to a sharp downturn in lower priced property too, it shows.
"Given the subdued outlook for credit demand and supply, the still elevated level of prices and indebted households, it looks unlikely that the market will trough in the immediate future," the bank's report concludes, adding the underlying weakness is "entrenched," Blake said.
Last month Morgan Stanley analysts released a bearish outlook on the state of the property market.
“Our housing model suggests that both prices and approvals are likely to fall further, and given the subdued outlook for credit demand and supply, the still-elevated level of prices and indebted households, it looks unlikely that the market will trough in the immediate future,” it wrote.
 
</body></html>

Prestige property values falling twice as fast as low-end housing

<html><body>
In the July meeting minutes, the RBA discussed the Sydney and Melbourne housing markets decline.
The minutes suggested house prices had fallen by almost five percent in Sydney over the preceding year after its significant increases in previous years.
"Members observed that prices in Sydney and Melbourne had fallen the most for more expensive properties, while prices of lower-priced properties had been little changed, consistent with the typical pattern of larger fluctuations in prices at the higher end of the market," the minutes read.
"In the other state capitals, housing prices had been fairly steady, with the exception of Hobart, where prices had picked up markedly given strong demand and supply constraints."
The members noted that data from the national accounts suggested dwelling investment had peaked in late 2016, although residential construction cycles had differed significantly across the states.
"In New South Wales, dwelling investment in higher-density projects had remained at a high level since the beginning of 2016," the minutes read.
They said liaison contacts had suggested there were capacity constraints in Sydney, which meant that, given the large amount of work in the pipeline in New South Wales, construction activity was likely to remain at a high level for some time.
The minutes noted that dwelling investment in Victoria was also likely to remain at a high level for some time.
"Members noted that more of this activity had been in detached dwellings and that ‘greenfield’ land sites had generally been more readily available in Victoria.
"By contrast, the construction cycle for apartments had clearly passed its peak in Queensland, while detached housing construction in Western Australia might have reached a trough.
Growth in household income had remained low compared with the average of the preceding 20 years, the members suggested, with household income remaining subdued over the most recent couple of years.
Growth in labour income had increased to its highest rate since 2012, in line with solid growth in employment.
Wages growth remained low, consistent with ongoing spare capacity in the labour market and some structural forces that had also been evident in other economies.
To read the <a href="https://www.urban.com.au/expert-insights/finance/86883-minutes-of-july-2018-monetary-policy-meeting-of-the-reserve-bank-board" target="_blank">full minutes click here.</a>
 
</body></html>

Top end prices in Sydney and Melbourne fall the most, while little change for lower-priced properties: RBA minutes

<html><body><div class="page" title="Page 21">
<div class="section">
<div class="layoutArea">
<div class="column">
Most new homes in Mildura single storey and it is unusual for any new homes to be constructed with anything other than brick veneer or rendered hebel panel walls, according to the latest Herron Todd White (HTW) residential report. 
"We are a fairly conservative lot when it comes to housing and most new homes follow the same architectural theme," the valuation firm said. 
The report notes higher value homes tend to be distinguished by being larger, having a higher standard of fittings and more extensive external improvements, but are more often than not built using similar materials and floor plans to more run of the mill properties.
The highest value residential sale to have occurred this year is a house situated in Carramar Drive, which sold for $1.475 million (pictured top).
 This house was built in the 1970s and has a very dated appearance, however has the appeal of overlooking the Murray River.
"Buyers know that there are few such buying opportunities each year and so are prepared to accept the need for renovation if they get the benefit of river frontage," the valuation firm said. 
"Interestingly, there has been only one sale in our region above $1 million so far in 2019, whereas there were over ten sales above $1 million in 2018, including two that were over $2 million." 
The most probable scenario is that there have been simply fewer prestige homes advertised for sale this year, following an unusually high number in 2018.
The report notes meanwhile for those not afraid of something different or who perhaps have a leaning towards doomsday preparation, a former World War II fuel storage bunker at <a href="https://www.realestate.com.au/property-house-vic-yelta-132146270" target="_blank">2 Nemstas Lane, Yelta</a> (pictured below) , about 18 kilometres north-west of Mildura is currently being advertised for sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/20/yelta%20.jpg" alt="">
 The current owner has recently converted the structure into a dwelling, which is fitted out to a good standard. From the inside, the only difference is the lack of windows and, we suspect, a pleasant ambient temperature.
<div class="page" title="Page 21">
<div class="section">
<div class="layoutArea">
<div class="column">
The bunker is built out of 30 centimetre thick concrete walls. To keep it safe from prying eyes and any fighter bombers, it is also set into the side of a hill.
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></body></html>

Mildura sees only one sale above $1 million in 2019: HTW residential 

<html><body>
Geelong’s property market is vast and consists of a large variety of property types, according to the latest Herron Todd White (HTW) residential report. 
The report notes Geelong has seen some high sales of some remarkable properties in 2019 such as this property sold in Geelong’s most sought-after suburb, Newtown.
"The property at<a href="https://www.realestate.com.au/sold/property-house-vic-newtown-125973666" target="_blank"> 210 Noble Street, Newtown</a> (pictured below) sold in May for $3.55 million and it’s fairly evident why," the valuation firm said. 
"Set behind high gardened walls on an extensive 1,402 square metre block, this five-bedroom, multi-level, minimalist executive residence is a true showcase of state of the art functionality and eye for detail.
"Designed by renowned architect Rob Mills, this is a home that caters to the very best, radiating modernist principles, a brilliant integration of light-filled open spaces, architectural vision and innovative design."
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/20/newtown%201.jpg" alt="">
One property at <a href="https://www.realestate.com.au/property-house-vic-newtown-132163858" target="_blank">1-3 Whyte Court, Newtown</a> (pictured below) has recently hit the market at a price of $6.1 million.
"Boasting class and sophistication on grand proportions, this stately and timeless home is immediately captivating and has recently undertaken the most stunning of renovations," HTW said.
"This home set on 3,200 square metre of blue chip land is si"tuated in the heart of Newtown’s prestigious school belt and features uninterrupted views, manicured gardens, pool, floodlit tennis court and pavilion, gymnasium and sauna.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/20/newtown%202.jpg" alt="">
"It has been finished with luxurious designer interiors and beautifully considered lines, the finest of Greek Thassos and Italian Carrara marble, Italian tiles and Coco Republic lighting and even has a full sit-down bar for guests to enjoy.
"With a $6 million price tag, only the absolute elite will be pondering this mansion," the valuation firm said. 
</body></html>

Prestige Market

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Prestige Market

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News