What penthouse buyers are looking for in today’s market; a look into AURA by Aqualand’s penthouse collection
There’s nothing quite like looking down from the top floors of a building to the surrounding vistas.
Despite a slowing market, it’s still been a landmark year for Sydney penthouse sales.
A collection of penthouses has recently been released in AURA by Aqualand, with four sub-penthouses already sold.
The most recent was purchased by a downsizer from Northbridge, who snapped up the four-bedroom residence for $7.25 million.
The owner plans to downsize from a larger family home and was attracted to the convenience and amenity of North Sydney, along with the area’s unique new CBD masterplan, along with some key trends which universally appeal to penthouse purchasers.
The interiors at Aura have been designed by Kirsten Stanisich of Richards Stansich, with the designer highlighting the top six penthouse features and trends that continue to tick the box for capital growth prospects.
“Glorious views are first on the list. In Sydney, that means harbour, bridge, or Opera House views and choosing a penthouse with any of these is paramount to maintain value over time,” Stanisich said.
Location is always vital, says CBRE’s Ben Stewart.
“Penthouses close to the CBD and within walking distance to lifestyle amenities like great cafés, bars, fine dining, and parks are high on the list for penthouse buyers right now,” he said.
While a property’s location is vital for retaining value for any purchase, buying a penthouse is as much about prestige.
Iconic architecture that stands out against the city skyline combined with timeless interiors created by sought-after architects and designers will win out over less salubrious developments when it comes to steady capital growth prospects.
“Overall, our clients are looking for beautiful high-quality interiors, an elegant materials palette and a sense of permanence,” explained Stanisich.
The layout and planning of penthouse spaces are also essential, says Stanisich.
“Living and sleeping areas should be separately zoned, and there should always be a sense of arrival at the entry as a transition from the building’s common areas to the privacy and intimacy of the penthouse.”
“We carefully consider connections between living, dining and kitchen areas and include amenities like a back kitchen or scullery to minimise cooking smells and visual sight lines of daily clutter,” she said.
Generous shower sizes, huge guest powder rooms, high-quality appliances using the latest technologies, with steam ovens and warming drawers, generous pantries and a separate bar or wine cellar with temperature-controlled wine storage are high on Stanisich’s design list.
“Penthouses with private pools are right on trend at the moment also. High-net-worth buyers want expansive spaces to entertain outdoors, so large, luxuriously appointed terraces and private rooftop gardens will appeal in any market,” she said.
Many architects specify penthouse finishes one would typically find in a stand-alone family home, like statement fireplaces and sculptural island benches.
These add to the sense you’ve arrived somewhere truly extraordinary, says Stanisich.
“Often downsizers moving from larger homes are looking for the ease of apartment living without compromising on size,” she said.
Bedrooms and bathrooms should create a feeling of welcome retreat from the work-a-day world outside.
“Main bedrooms should be generous and open to views and abundant natural light. Robes and ensuites should feel spacious and well connected, while each bathroom feature should create individual moments for restfulness, thought or relaxation. I think using natural materials is also important for their beauty and ultimate longevity.”
Ample parking is another must, says Stanisich.
“It may sound pedestrian, but a great lifestyle location often means parking is at a premium.”
"A penthouse must have multiple, spacious, secure and convenient parking for multiple cars, and if it includes a private lift from the carpark to the penthouse, all the better.”
There’s no denying that penthouse apartments are a different kind of real estate. And those lucky to have the resources to buy penthouses have a very different mindset from other property buyers.
At the lofty end of the market, buyers seek the ultimate expression of lifestyle, luxury and prestige rather than simply a place to live or purely a return on investment.
