CBA Tips Housing Growth

The Commonwealth Bank of Australia is forecasting a surge in house prices over the next two years.

The latest figures to come from the bank indicate as much as 16 per cent for housing prices alongside a unit price growth of nine per cent.

This comes as lending rates have lifted sharply, signalling a housing market is on the “cusp of a boom”.

“The increase in new lending is now feeding into higher prices for bricks and mortar,” says CBA economist Gareth Aird.

In the Bank’s most recent economics issues report, released today, the CBA reported that the predicted boom was to come off the back of record low interest rates and a labour market that is set to rebound sharply.

This, combined with rental yields that arrived well above the borrowing rates means that property markets will, in theory, rise.

“The CBA is reporting positive momentum is building within the property market and “as the market firms, would-be buyers are more confident to purchase and this brings other buyers into the market,” adds Aird.

And although the news is positive for homeowners, it is less so for unit-owners, with a 7 per cent growth disparity between houses and apartments.

Listing of the Day

Location: Downtown Brooklyn, New York

Price: $16.75 million

Boasting 360-degree panoramic views across New York City, this new 92nd-floor penthouse is the highest residence in Brooklyn.

The full-floor apartment stands atop the new Brooklyn Tower, which encompasses 143 condos and 398 rentals in the heart of downtown Brooklyn, said Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group.

The condos begin on the 53rd floor, and the penthouses begin on the 88th floor. This one, Penthouse 92, is the only full-floor penthouse.

“The building is coming into its own now,” she said. “It feels very busy when you step into the lobby.”

Developed by Silverstein Properties, the building at 85 Fleet Street rises from the historic Dime Savings Bank building, according to a news release.

It was designed by SHoP Architects with interiors curated by Gachot Studios, and it is the borough’s only super tall skyscraper.

Penthouse 92 features custom interiors by Brooklyn-based Susan Clark of design firm Radnor, Sachsenmaier said. “Her selections have made it really beautiful. It feels very warm and inviting.”

Architectural details include 12-foot ceilings, European white oak floors in a custom honey stain, mahogany millwork, bronze detailing and floor-to-ceiling windows.

The eat-in kitchen features Absolute Black stone countertops, an island with seating, oil-rubbed bronze Waterworks fixtures and integrated Miele appliances, according to the listing.

The primary en suite bathroom showcases large-format Honed Breccia Capraia marble. There is also a separate laundry room as well as a wet bar and a butler’s pantry.

The views are spectacular, Sachsenmaier said. “If you’re standing in the living room, you take in the Statue of Liberty and all the way up through Midtown. On a clear day, you can see the planes take off at LaGuardia (Airport).”

Penthouse 92 features custom interiors by Brooklyn-based Susan Clark of Radnor.
Photo: Sean Hemmerle

Moving around the apartment, you see south over the harbor and then north and east over the whole city, she said.

From the front door, “you’re immediately greeted with the expansive living room and the view,” she said. “It’s really the first thing you see.”

The primary suite features a dressing room, multiple walk-in closets, two bathrooms (one with a cedar sauna) and southwest-facing windows, Sachsenmaier said. “You get those really beautiful harbour views.

The amenities will be ready by the end of summer, she said. A Life Time club will occupy the entire sixth and seventh floors, and an outdoor pool deck wraps around the dome of the bank building.

Stats

The 5,891-square-foot home has four bedrooms, five full bathrooms and one partial bathroom.

Amenities   

Residents will have access to over 100,000 square feet of exclusive indoor and outdoor leisure spaces.

Fitness company Life Time will manage an array of amenities that include a 75-foot indoor lap pool, outdoor pools, a poolside lounge and atrium, a billiards room, a library lounge, a conference room, a theatre with a wet bar, a children’s playground and playroom and limited off-site parking.

The Sky Park offers an open-air loggia with a basketball court, foosball, a playground and a dog run.

An outdoor pool deck wraps around the dome of the Dime Savings Bank building.
Photo: Gabriel Saunders

Neighbourhood Notes   

Downtown Brooklyn is at the centre of a number of neighbourhoods, including Fort Greene, Cobble Hill, Boerum Hill and Brooklyn Heights. The tower has access to 13 subway lines, 11 commuter trains, the city’s ferry network and 22 Citi Bike stations.

“You can walk to Fort Greene Park in less than 10 minutes,” and Dekalb Market Hall, which has a Trader Joe’s, a Target and a food hall, is “right next door,” Sachsenmaier said.

Agent: Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group

With as much as 16 per cent growth predicted.

The new Brooklyn Tower, a mix of luxury condos and rentals, rises from the historic Dime Savings Bank building.