Last week, we broke the suburb record for a single apartment sale in Sydney’s eastern suburbs when we sold an off-the-plan apartment in the “Billyard Ave” development.
Not only does it set a new precedent for Elizabeth Bay and Potts Point, but it also highlights the strong demand for large, luxury apartments in our area.
Setting a new record
The sale of the 430 sqm penthouse at 29 Billyard Avenue is not only the highest price for an apartment in Elizabeth Bay, but it’s also the highest price ever achieved for a single eastern suburbs apartment.
In fact, the price achieved has only ever been eclipsed in Sydney by prestige harbourside city buildings such as One Barangaroo, where two-storey penthouse apartments have sold for well over $72 million.
Earlier this year, we also sold 7/29 Billyard Avenue, the sumptuous sub-penthouse in the same Billyard Ave development, for around $21 million.
As we wrote back in August, penthouses in Sydney’s Eastern Suburbs are experiencing massive demand this year and are significantly outperforming the market. So much so that we’re prepared to say they’re now Sydney’s hottest property type.
Coveted by downsizers, celebrities and business people from around the world, there are simply not enough large apartments to satisfy buyer demand – and that’s driving the price sky high. It’s a trend we’ve seen growing in recent years:
- In 2019, we sold 12/12 Onslow Street in a flat market for a then-record $9.75 million.
- 109/299 Forbes Street, a truly surprising, unique and secluded penthouse, achieved a sales price of $14.15 million in March 2022.
- 1905/226 Victoria Street, the amazing four-bedroom penthouse in Omnia, sold for $12.5 million in November 2022.
- 902/15 Bayswater Road, a two-level penthouse in the Hampton building with an incredible rooftop terrace, sold for $6.6 million in December 2022.
- In 2023, we sold the sub-penthouse in the Ikon building at 81 Macleay Street for $8.2 million.
Introducing Billyard Ave
Billyard Ave, the apartment development that achieved this record-breaking sale, is an exceedingly rare boutique block of nine oversized apartments due to be completed next year.
Each single-level apartment at 29 Billyard Ave features four bedrooms and four bathrooms, stunning harbour views, and north-facing terraces. Two residences are garden apartments, and the penthouse crowns the entire top level.
The development is a collaboration between developers North-East Corp and award-winning multidisciplinary architecture and design practice SJB, with interior design by P3 Living and gardens by Dangar Barin Smith.
Every apartment has house-sized proportions and features lift access, parking for two or three cars, formal and informal living and eating areas, a separate TV room, fireplaces, a butler’s pantry and ample storage. There’s a choice of multiple high-end finishes, including Gaggenau and Sub Zero appliances.
The building’s curves are a nod to Art Deco and the glamour of the 1930s, with quality materials and craftsmanship, including stunning parquetry flooring, smooth marbles and bespoke timber joinery.
Billyard Avenue itself is one of the area’s most coveted addresses, offering unbeatable harbour views and proximity to the stunning waterfront Beare Park, Elizabeth Bay Marina, Arthur McElhone Reserve and Elizabeth Bay House. It’s also just moments from the vibrant shops, restaurants and cafes of Macleay Street.
Why sales records are important
Suburb records are the highest sale price achieved for a property in a suburb over time. They usually go to a unique property that offers something exceptional or has particular features such as a sensational view, heritage features, luxury fit-out, or larger-than-normal size/landholding that cannot be beaten.
In the case of the Billyard Ave penthouse, it’s a combination of all of the above.
Suburb and sales records are great publicity, but they are also a particularly important indicator of the state of the market when it comes to the prestige and high-end sectors.
A suburb, building or property-type record can recalibrate the market’s price expectations. So if you’re looking to buy or sell premium property, you’ll want to have a close eye on them.
Sometimes, a suburb record can be held for many years, while in a rising market or in an area that is experiencing demographic changes, they can be quickly broken, month-on-month.
Suburb records vary depending on the suburb and property type.
For example, in Potts Point, the suburb record for a house has been held by Bomera since it sold in 2019 for circa $34 million, despite talk that the iconic six-bedroom heritage mansion at 2 Macleay Street it may eclipse it when it sold for this year (it ended up achieving $30.35 million). The apartment suburb record was also set in 2019 for the coveted Ikon penthouse which sold for $16 million.
If you’re interested in buying or selling in Potts Point, Elizabeth Bay and the eastern suburbs, contact my team today.