Shifting tides: modern-day buyers spending big on CBD penthouse apartments over suburban homes

Sydney, 26 July 2019 – Buyers at Greenland Australia’s recently-completed residential project, Omnia, in Potts Point, have countered the common perception that apartment living provides a compromise when a suburban house is out of price range.

With apartments in the striking landmark building selling out quickly, many buyers have made conscious decisions to purchase apartments over stand-alone suburban homes based on their lifestyle preferences.

Characterised by its curvaceous hourglass shaped façade sitting atop a sculptured podium, the $262 million Durbach Block Jaggers-designed Omnia building is ideally located between Victoria Street and Darlinghurst Road, Potts Point.

Omnia was also recognised with the High-Rise City Apartment Development award at the recent Urban Taskforce Development Excellence Awards, further confirming the project’s quality and the purchasing decisions of city-focussed buyers.

In addition, Greenland Australia’s parent company, Greenland Group, which is renowned for high-rise developments around the world, has moved up 50 places in the most recent Fortune 500 list, to a high of 202.

Sherwood Luo, Managing Director, Greenland Australia, says sales of Omnia’s apartments were very strong from the beginning, with only a limited number of apartments remaining for sale, in addition to The Noble penthouse.

“What I find most interesting is that there is still a perception out there that apartment living is deemed by many as a back-up option, when in fact these buyers clearly chose to spend $2 million for a two-bedroom apartment in the inner city over a stand-alone family home in the suburbs.

“This is not a compromise to them, but a preferred lifestyle decision – for the same price, they could have easily afforded a family home in a highly desirable suburb, however they clearly chose convenience and the inner city over the perceived space offered in suburbia.”

Indeed, Chris Johnson, CEO, Urban Taskforce of Australia says there is a tension in Sydney and other capital cities between those wedded to the suburban model – who see apartment towers as challenging a way of life people are used to – and those who choose apartment living.

“The fact is, many people make an active choice in favour of the lifestyle benefits of an urban apartment, as opposed to that of a remote suburban house,” said Mr Johnson.

“They prefer to have someone else take care of their swimming pool and garden… and love the opportunity to walk to the shops, cafes or work.

“Having a host of amenities in your building is deemed as preferable to many, not a compromise born from financial restraints.

“Ultimately, there needs to be a shift in this paradigm as apartment living will play a major role in defining Sydney’s future.”

Mr Johnson says Omnia is a positive example that an inner-city-based lifestyle is clearly preferred by many families.

“In fact, we are calling on government to review their urban planning as we see the current narrative as being counter to this lifestyle choice,” he said.

Leor Shavel, Managing Director, Sierra PropertyCom, the settlement agent for Omnia, said the development boom over the past decade has increased the appeal of apartment living.

“Purchasers are willing to pay more for beautifully-designed spaces and amenities that rival a hotel experience,” noted Mr Shavel.

“Ultimately, buyers are attracted to the extensive communal offerings, range of services and close proximity to retail and work, that most houses in the suburbs don’t offer.

“With buildings such as Omnia buyers barely even need a car, because home is literally in the centre of all the action… you can’t get much better.

“It’s a stone’s throw from the CBD – this level of lifestyle convenience isn’t available, even in the inner suburbs, and is something that a range of buyers, including families, are willing to pay top dollar for.”

Meanwhile, Omnia’s top floor features three dual-level penthouse apartments, including The Regal, which has recently reached completion, and features 294sqm of floor space – 207sqm internal and 87sqm external.

Positioned on the southern end of the building, the penthouse offers spectacular views from all rooms, taking in Rushcutters Bay in the east, to Kings Cross, across William Street to Darlinghurst, and through to the CBD, including the Sydney Opera House.

Another penthouse, The Royal, sold in March for $14,250,000 – equating to $50,000 per square metre, making it one of the highest prices paid for any apartment outside the Sydney CBD.

The last remaining penthouse for sale, The Noble, offers 356sqm of floor space – 235sqm internal and 121sqm external – with four bedrooms, three full bathrooms and one partial bathroom, as well as a bespoke freestanding bathtub.

Imagined as an exclusive retreat with the elegance of a house in The Hamptons, The Noble features private elevator doors that open onto the exquisite entry lobby, where two of the bedrooms are separated by a glass-sheathed staircase.

To lodge an expression of interest, visit www.omniapottspoint.com.au or call 1800 427 008.

– ENDS –

Media enquiries:

 For media enquiries, please contact Megan Skippen at Greenland Australia on +61 406 611 044 or [email protected]au.