Melbourne's top end provides better value compared to New York: Secret Agent
A recent report from buyer’s agent Secret Agent revealed that while Melbourne’s housing and apartment market is expensive, it still provides good value compared to the top end of New York real estate.
New York saw a new precedent sale last year of $88 million for a penthouse in the 15 Central Park West development, making it worth $140,000 per square metre.
In Melbourne, Secret Agent states that stock from the top end of the market trades at around $20,000 per square metre.
Secret Agent found that the New York properties were quite large. Four or five bedroom properties are common. The bedrooms also often have a separate ensuite and a good-sized walk in wardrobe.
Natural light and eternal windows are key features in all plans. Some of the largest results are in older buildings with very convoluted floor plans – contrary to contemporary living spaces which emphasise open plans.
Generous terraces make up for the “cut up” floor plans, and the best ones face south to take advantage of the New York summer sun.
Older apartment buildings in New York like 740 Park Avenue, built 1930, have shown longevity in success over the years. The popularity of newer apartments with floor to ceiling glazing and a contemporary feel remains to be seen.
To date, Melbourne’s top apartment sales have occurred around East Melbourne and St Kilda Road.
The floor plan from one of the largest sales in the Royal Domain building (price undisclosed) is pictured below.
Image courtesy of Secret Agent