$11M+ properties proving popular among buyers in Sydney's lower north shore, as The Landmark sales skyrocket
In mid-2019, we reported on the groundbreaking of a St Leonards site which would soon be home to Sydney's new 43-storey skyscraper, The Landmark. This month The Landmark is set to celebrate its topping out, with a ceremony to be held later this month ahead of the building's completion in October.
As the development nears the end of the construction timeline, the boutique collection of 7 penthouses are now available for sale, with price points ranging from $11m to $18m. Only five homes remain due to two properties being snapped up in the early stages of the launch.
Designed by award-winning architects A+ Design Group in association with Warren & Mahoney, each penthouse features unique elements including, sculptural staircases, private lifts and koi ponds.
Purchasers will be able to customise their homes with furniture pieces from luxury brands including Fendi Casa, Versace Home, Armani Casa, and Bugatti Home.
The Landmark is located in Sydney's lower north shore, which is currently experiencing rapid market growth, due to its close proximity to major employment hubs and improved access to infrastructure. The area is set to reach 5,600 residents by 2036, making it a popular suburb among both investors and owner-occupiers.
Infrastructure upgrades in the area could also contribute to the increase in demand for property, with the $112 million North Shore Health Hub offering medical care and employment in surgery, physiotherapy, pharmacy, dentistry, allied health, research and education services. The projected health and technology sectors in the area will deliver up to 7,130 new jobs over the next two decades.
Colliers International Residential Director, Blake Schulze, has noticed a growing demand for luxury penthouses in recent months.
"We have also experienced increasing enquiry on both Aqualuna at Milsons Point and Merrinda at Kurraba Point. The majority of the enquiry has been from owner-occupiers currently living on the Lower North Shore and a smaller selection from interstate."
Urban has also identified an increase in demand for luxury housing, with a 42% uptake in enquiries for properties over $1.5m in Sydney over the last 12 months compared to 2020. So far in 2021, Queensland has seen a staggering 86% increase in enquiries on luxury apartments and townhouses valued at over $1.5 million and a 19% increase in Victoria.
"We're seeing our downsizer audience continue to gravitate toward the luxury end of the market; projects with strong amenity and high-quality penthouse options are getting a lot of attention."
Mike Bird, CEO urban.com.au
Apartment living can offer some of the most incredible views in a city – with The Landmark's seven two-storey penthouses showcasing uninterrupted panoramic views spanning the northern beaches to Sydney Harbour and the Blue Mountains.
"The increasing levels of demand for luxury off-the-plan apartments in Sydney is primarily driven due to the continual growth and high price points being achieved in the established house market. Due to this, we have experienced a growing number of downsizers which are intending to sell their homes and opting for a recently completed or off-the-plan apartment. In addition to this, the record low interest rates is further influencing increasing demand.
Majority of purchasers are local, primarily from the North Shore. We have had a small proportion of offshore buyers due to the challenges to travel with international boarder restrictions. We anticipate the demand for off-the-plan apartments within Sydney will increase as the boarders open."
Blake Schulze, Residential Director, Colliers
It will be interesting to observe sales statistics over the coming months as travel restrictions ease and more buyers enter the property market.
Read next: St Leonards' new 43-storey tower 'The Landmark' commences construction