Fiona Killman, Real Estate Reporter
First published 13 Aug 2023, 5:00am
Luxury penthouse living is continuing to expand out into the suburbs of Sydney.
They’re “sky high”, decked in luxury with some having their own ponds, aquariums and golf simulators – but many of Sydney’s most opulent penthouses are no longer strictly in the city.
The Harbour City is seeing luxury developments fill the skies in a range of further flung suburbs not normally accustomed to luxury apartment living such as Sutherland Shire, Hills District and up north.
It comes as developers have been seeking new markets for their luxury homes amid a post-pandemic revival in demand for apartments.
A penthouse on Tonkin St, Cronulla is tipped to break a Sutherland Shire record with a price guide of $15m.
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A penthouse in The Landmark, a luxury development in St Leonards with a pond.
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In the past, suburbs such as Merrylands, Parramatta, Castle Hill and Willoughby were not synonymous with luxury apartment living however are now attracting buyers with millions to spend.
Laing+Simmons Corporation chief executive officer Leanne Pilkington said luxury apartments in the suburbs were more common now than ever.
“Developers are always going to be responding to market demands,” she said.
“There’s a lot of downsizers in the market and they are looking for something bigger than the traditional apartment.”
Ms Pilkington said the trend wasn’t new, however could have been spurred on in recent years by the pandemic and more people in the downsizer age demographic.
Laing+Simmons Corporation chief executive officer Leanne Pilkington.
A penthouse in Castle Hill sold for $3.8m last year.
Mirvac’s $790m NINE by Mirvac luxury development in Willoughby.
She said she wasn’t surprised to see luxury options in the Hills District and Parramatta areas.
“If you think about the Hills District, there’s beautiful big homes on acreages out in places such as Dural and Glenhaven,” she said.
“There’s people happy in those areas and just want to downsize. Chatswood is a real hub so there’s no surprises we’re seeing more luxury developments there.”
She said prices were not necessarily cheaper compared to luxury options in the Sydney CBD.
“You would be surprised at some of thew prices for Castle Hill and Parramatta,” she said.
Sydney developer Central Element has luxury developments from the Sydney CBD to Chatswood and Drummoyne.
A luxury apartment complex by Central Element has been approved in Drummoyne.
One of the penthouses in the Ethos development in Chatswood.
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“We’ve proven time and time and time again that there is a demand for luxury developments in the suburbs of Sydney,” Central Element’s managing director Nathan Chivas said.
“Most recently, with the launch of the highly successful Ethos development in Chatswood in 2022 and Pienza Neutral Bay in 2021.”
He said buyers were attracted to suburbs which offered “a relaxed lifestyle with the feeling of being a world away from the hustle and bustle of the city”.
A Cronulla penthouse is tipped to shatter the Sutherland Shire record with a price guide of $15m, described as “a statement of ultimate luxury living” with panoramic views of Gunnamatta Bay, infinity pool and six bedrooms.
An infinity pool overlooking the bay … what a life in the Shire.
Not to mention an aquarium in the penthouse.
The three level apartment is being marketed by Highland with chief executive officer David Highland saying there was a strong market for prestige apartments outside the city.
“There’s a diverse range of luxury apartments lending themselves to downsizers and people after their second and third homes,” he said.
“Some people are downsizing from a big home and there’s a lot of wealth and depth in the market.”
Mr Highland said the size of apartments and amenities on offer in some developments were second to none, however the price points were often lower compared to city living.
“In terms of the Cronulla apartment, where else can you get a 1000 sqm apartment priced between $13-$15m on the water?” he said.
The three level penthouse on Tonkin St in Cronulla.
Some developers are forging ahead with luxury developments in places such as Gosford in the hope that their product will be part of the suburb’s transformation.
The $375m Archibald by ALAND development, which includes 323 apartments and 130 hotel rooms, recently released its penthouse range starting from $2.3m.
Construction has started on Archibald by ALAND, a $375m mixed use development set to transform the heart of Gosford on the NSW Central Coast.
A “Signature Collection” penthouse range has been launched for Archibald by ALAND.
ALAND chief executive officer George Tadrosse said there was a “great deal of demand for apartments with a larger, more luxurious style at a better price compared to other housing options available”.
“The Signature Collection was inspired by requests from purchasers to merge apartments, primarily downsizers who were selling out of their bigger homes, and wanted larger apartments, low maintenance and outgoings,” he said.
“The rise of luxury apartments in Gosford is a positive sign for the area’s development and economic growth.”
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