The luxurious world of ultra-prime real estate has set new standards for prime properties through their unparalleled scarcity, and Sydney’s Double Bay will set one bolder new standard with an astounding sale that reportedly has broken all previous apartment sales in Australia. An off-the-plan penthouse residence sold for approximately AUD 50 million (or USD 32.5 million), making this one of Australia’s largest residential apartment sales. Additionally, this sale establishes a new benchmark that is more than double the previous record of AUD 24.9 million set earlier in 2023.
Beyond the eye-opening sale price, the sale of this penthouse illustrates that Australia’s luxury real estate market has evolved; that penthouses are no longer just residences but are rather becoming global landmarks of status, comparable with trophy properties in New York City, London, Dubai and Hong Kong.
Located at the corner of New South Head Road and Bay Street in Double Bay, the Ruby House penthouse is one of the best locations in Sydney. The architect responsible for designing this extraordinary building and penthouse is none other than the renowned Melbourne-based architect of the buildings above, Pete Kennon. It is reported that the interior of the penthouse is over 550 square meters. With its terraces and rooftop entertainment areas, the overall footprint of the penthouse exceeds 1,000 square metres.
The property feels more like a house in the sky than an apartment; the high-end property contains four gorgeous bedrooms, two large terraces that look out onto the harbour, outdoor landscaped gardens, a sculpture pool, spa facilities, and parking for six vehicles.
Additionally, the interiors feature impressive heights of plaster and large amounts of natural stone, French oak, a six-meter limestone kitchen island and high-end appliances from the biggest brands in the world.
The identity of the buyer for this property has been a topic of speculation throughout Sydney, generating significant interest in the market regarding who they might be. The market speculates that Neville Crichton and his wife Nadi are the buyers, but neither has been confirmed.
Another interesting fact about this property is that it sold before the construction was complete. In today’s global economic climate, as the world experiences inflation and increases in interest rates that are limiting many property markets, the ultra-rich continue to invest significant amounts of money into waterfront properties while viewing high-quality real estate as a source of wealth protection — especially in cities such as Sydney that are considered politically safe and have limited available land along the harbour.
Over the past ten years, Double Bay has gone from being predominantly a high-end shopping hub to one of the most sought-after luxury residential areas in all of Australia. This area is now regarded as a wealthy neighbourhood where billionaires, investors, and businesspeople are actively building and purchasing their homes. Double Bay has exclusive marinas, designer boutiques and top-end dining establishments and is also located close to Sydney Harbour, which has enhanced the stature of this suburb, which real estate agents are referring to as “Australia’s version of Monaco”.
However, despite the level of luxury at Ruby House Penthouse, the sale is not currently the highest price on record for an apartment in Australia. That record is held by the two combined penthouses in One Sydney Harbour, which sold for $141.55 million AUD ($92 million USD) and is the highest value on record for an apartment in Australia.
However, the psychological effect of the sale at Double Bay could be more important than the value of the sale itself. The purchase represents a shift in the ultra-high-end apartment market in Australia to an area which will allow the buyer to not only pay tens of millions of dollars for their location but also because the buyer is willing and able to pay tens of millions of dollars for the uniqueness of the building, privacy and irreplaceable qualities of the apartment.
What is the highest possible value that the luxury sky-home market in Australia can achieve, given that cranes are still altering Sydney’s skyline? If an unfinished penthouse in Double Bay is valued at AUD 32,500,000 today, how high will it be worth tomorrow? Top of Form
