The demand for luxury homes in Sydney continues to rise thanks to the ultra-high-net-worth cohort driving the upper end of the market.
Forecasts show that luxury sales are +17% higher this quarter than the fourth quarter of 2020. Meanwhile, luxury home prices have only risen +2.9% nationally over several years.
Opera Residences, a Macrolink–Landream Australia project at Bennelong Point, has seen values increase significantly since construction began in 2018.
Re-sales have increased by 20-30% since the project launched, a trend that CBRE’s Tim Rees expects to continue.
“That’s well above the percentage increases reported in the latest prime forecast report,” he said.
“The project represented a limited opportunity to buy into the Circular Quay precinct with a dress-circle view of the world’s most beautiful harbour and a highly sought-after, iconic building that’s tightly held by locals.
Tim Rees, CBRE
“That makes it a magnificent proposition.”
The re-sale agent of Opera, Auschain director Sean Huan, said that while the central business district market has been impacted the most by Covid and border closures, the building itself has proven to been bulletproof.
“The feedback I’m getting is Opera Residences’ finish is beyond expectation,” he said.
“Original purchasers re-selling are making exceptional profits and I don’t see this slowing down.”
Sean Huan, Auschain director
Within two hours of the launch back in 2016, all 104 properties were sold off the plan, representing about $600 million in sales.
A penthouse on level 19 sold for $26 million – or about $96,000 per square metre. The same buyer continued their spending spree by purchasing two three-bedroom apartments below, taking the total spend to $57 million.
Macrolink and Landream have also recently announced four new tenants for the retail precinct, which include Japanese teppanyaki fine dining and bar OBOROZUKI, a ground floor café, award-winning restaurant chain IPPUO Ramen and Opera Ice Creamery.
Landream is also working on premium opportunities across Sydney, with two high-end residential developments currently under construction in Victoria – The International in Brighton and Hurstmon in Malvern East.