Sydney’s Luxe Market Cements Position as World-Beater

A surge of record-setting apartment sales has cemented Sydney’s position ahead of Paris in the global super-prime market.

Construction has begun on Top Spring Australia’s ultra-luxury Ode development in Double Bay, which lifted the suburb’s apartment sales record by more than 50 per cent.

The six-storey Luigi Rosselli-designed building has already achieved more than $100 million in residential sales across penthouses and two of the three sub-penthouses.

The remaining eight apartments are expected to fetch around the $10-million mark, contributing to Sydney’s dominance in the super-prime market.  

Sydney ranked ahead of Paris, Geneva and Orange Country in the year to March, according to Knight Frank research. 

Knight Frank head of residential in Australia Erin van Tuil said that over the past five years, the Sydney market had matured and would attract more international buyers. 

“In more affordable markets domestic buyers tend to dominate, while in more expensive markets the importance of international investment rises,” van Tuil said.

▲ Shovels hit soil this week on the site of Top Spring Australia’s ultra-luxury Ode development in Double Bay.

However, in Sydney’s market, where the median price of any house $1.3 million and those closer to the city increased exponentially, super-prime apartments were looking increasingly attractive.

Top Spring Australia development director Jeff Curnow said Ode had proven popular with downsizers keen to remain in the area.

He said construction was scheduled for completion in 2025.

“We are delighted to appoint Ceerose to deliver Ode after working together on our near-complete Munro House residences in Elizabeth Bay, and we are confident they will once again deliver their extraordinary craftsmanship,” Curnow said.

Top Spring Australia has also begun construction at its $500-million master-planned community, The Newlands, in St Leonards on Sydney’s Lower North Shore.

Nearby in Greenwich, private investment group Alceon and NGS Super’s over-55s project called Akoya is also expected to reach record heights.

▲ The 120sq m, three-bedroom, two-bathroom penthouse in lceon and NGS Super’s over-55s project is expected to set a price record for the area.

The project’s 120sq m penthouse has been listed for $6.75 million with “180-degree uninterrupted views of Sydney Harbour”. It is expected to set a record for Sydney’s Lower North Shore per square metre cost.

Construction of Akoya, designed by Marchese Partners, is expected to start in the coming months with 85 per cent of the development already sold.