20 April 2017
The sale of a three-bedroom penthouse for nearly $3.6 million has broken records in Sydney’s inner-city Waterloo and Zetland, as dwelling values continue to soar across the city.
The top-floor apartment at Sydney-based developer Crown Group’s Infinity project sold for $3,598,650 this month, the highest priced apartment in the neighbourhood.
The purchase was the final sale for the $575m, 401-apartment development in the Green Square precinct, which raked in $380m in sales in one day when it launched in 2015.
Hundreds of hopeful buyers had lined up outside the Iwan Sunito-led private company’s headquarters to buy off-the-plan apartments in the 20-storey building on a Saturday almost two years ago.
The sale highlights the strong demand for above average-priced stock. In inner-city Waterloo, the average three-bedroom unit price is $1,297,500, realestate.com.au figures show.
The median unit price across Sydney is $740,000, while the median house price is now $1,031,500, according to CoreLogic figures this week that highlighted continued rapid price growth in the city.
Dwelling values in Sydney rose 17.1 per cent over the past 12 months, with worries about housing affordability escalating.
The Infinity development will include 30 retail outlets, restaurants and cafes, as well as a 450-person conference centre, infinity-edge pool, spa, gym, music room, media theatre and rooftop terrace.
The building, designed by Koichi Takada Architects, will have external gardens and a tiered apartment structure.
“The penthouses at Infinity represented a chance for buyers to secure a top-tier, luxury retreat with stunning views of Sydney’s CBD,” Crown Group global head of sales and marketing Julian Sedgwick said.
The 150sq m penthouse includes floor-to-ceiling windows, a rooftop terrace and touch-controlled home automation systems.