Newcastle penthouse sells for over $3.5 million
A trophy apartment in Newcastle, overlooking the harbour city, has been sold for $3,562,500.
The three-bedroom, three-bathroom apartment is in the Newport building that dates back to its construction in 2000.
Located at 17/71 Scott Street, the complex has 18 apartments.
It was offered by the Ainsworth family who were the builders of the complex, selling within a month of its listing.
The penthouse has views of Newcastle Beach to Fort Scratchley, and north across the harbour to Stockton Bight.
Set over 484sqm, the home includes two separate living areas, two entertaining terraces, exclusive use of the rooftop and the potential for a fourth bedroom.
The sale came with two secure parking spaces and a storage area.
The apartment's strata fees are over $12,500 per annum.
PRD Newcastle agents Mark Kentwell and Chasse Ede marketed the listing.
It was the first sale to occur in the complex this year, with the last sale being $1.125 million last December. It was a first floor unit that last sold at $520,000 in 2003.
After picking up earlier this year, Newcastle’s housing market appears to be softening, JLL’s Newcastle housing market overview recorded.
However, as the mid and lower-end of the markets begin to show signs of weakening, the prestige and upper-end of the Newcastle property market have continued to perform relatively well.
Newcastle’s rental market remains tight with the rental vacancy rate increasing to 2.1 per cent, up from 1.4 per cent a year ago.
Apartment construction likely to pick up on the back of strong approvals
According to JLL's overview, the total number of dwellings approved in Newcastle more than doubled over the year to March 2020 to reach 2,000. This is in contrast to Sydney, which has seen dwelling approvals decline sharply over the same period.
64 per cent of dwellings approved were apartments, which increased by more than threefold over the year to March 2020.
SKY Residences is a new high-rise development in Newcastle, with prices for one-bedroom apartments beginning at $380,000.
SKY offers a choice of 180 one, two, three and four-bedroom apartments with access to entertainment, transport and hotel-quality amenities, including heated outdoor pool, fully-equipped gym and landscaped garden terrace retreat.