Three Melbourne Penthouses For Sale
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Three Melbourne Penthouses For Sale

A look inside the pinnacle of Melbourne’s luxury apartment market.

By Terry Christodoulou
Tue, Jun 8, 2021 4:15pmGrey Clock 3 min

True to form, Melbourne’s luxury penthouse market is awash with effortlessly appointed elegant abodes.

Here, we’ve collated three of the best on the market right now.

Level 59, Aspire Residences, 299 King Street, Melbourne

Arriving in timeless style is this full-floor 5-bedroom, 5-bathroom, 4 car garage residence. Located above Aspire Melbourne, the upper-most 14 levels are dedicated to some of the most luxurious apartment living on offer, with level 59 – listed here – offering the full floor.

Uninterrupted views of Flagstaff Gardens, Melbourne CBD, Port Phillip Bay and beyond are at hand, while the residence’s central location puts it at the fingertips of the best Melbourne has to offer.

Inside, cutting-edge contemporary style permeates the 639sqm apartment, which has been designed by acclaimed interior architect David Hicks. Here, the lift opens to the apartment’s private lobby and formal lounge, dining room, cocktail lounge,  complete with a fireplace.

The open plan kitchen arrives with the butler’s pantry and includes top of the range Gaggenau appliances and fully integrated Sub-zero refrigeration.

Elsewhere the master bedroom offers views across Melbourne CBD and Port Phillip Bay and features expansive customisable robes as well as a master ensuite with custom curved bath and double vanity.

The luxurious penthouse is set for completion early 2023 with an asking price of $9,983,000; aspireresidences.com.au

 

The Penthouse, 7 Bowen Crescent, Melbourne

Located in a prestigious Gurner development that encompasses the city skyline arrives yet another David Hicks penthouse.

The spectacular in scale entrance foyer features dark stained parquetry floors that leads one through to the open plan living, dining and entertaining space surround by 270-degree full height glass affording sensational views.

From here, the living area extended to a mammoth private sun-terrace, perfect for entertaining.

The premium kitchen is a chef’s delight arriving in Carrara marble with Gaggenau and Liebherr appliances throughout.

A lavish main bedroom lands with a dressing room, marble ensuite alongside two additional bedrooms with coordinating ensuites and built-in robes.

Up the curved staircase, or via the private lift, one arrives at the 4th bedroom or retreat with a built-in robe.

Situated within walking distance to the Botanic Gardens, the Domain a, Albert Park and more, the home features a 4-basement car space and access to Albert Place’s hotel-style amenities.

The listing is with Marshall White’s Nicholas Hoo with a price guide of $7-$7.7 million; marshallwhite.com.au

 

Residence 6.01/409 St Kilda Road, Melbourne

 

Positioned on the corner of Toorak Road West and St Kilda road this podium floor residence arrives with sweeping north facing views of the CBD, Botanic Gardens and Fawkner Park.

The oversized, 3-bedroom, 5-bathroom, 5-car parking podium Penthouse offers 530sqm of internal living plus a further 200sqm external. Arriving with soaring ceilings, the main living space is decorated with European oak timber flooring in a herringbone pattern and floor to ceiling windows to take in those expansive views.

Also here is the large, luxuriously appointed kitchen featuring stunning oak cabinetry, top-grade marble, Gaggenau and Sub Zero appliances and a Christopher Boots pendant light as a feature.

The bedroom wing is informed by a large master with marble ensuite and bathtub, walk-in robes, while two more large bedrooms with ensuites while a guest room rounds out the offering.

Residents of The Muse will have the ability to access hotel-style services and facilities including 24/7 concierge services, 5-star wellness centre including spa, retreat, gym, swimming pool and also a luxurious club lounge with private meeting room facilities.

The listing is managed by Daniel Cashen, with an asking price of $16,500,000; themusemelbourne.com.au



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Home prices declined at a faster pace in May in major cities, while other data show a mixed picture for the world’s second-largest economy

By REBECCA FENG
Tue, Jun 18, 2024 3 min

China’s broken housing market isn’t responding to some of the country’s boldest stimulus measures to date—at least not yet.

The Chinese government has been stepping up support for housing and other industries in recent months as it tries to revitalize an economy that has  continued to disappoint  since the early days of the pandemic.

But fresh data for May showed that businesses and consumers remain cautious. Home prices continue to fall at an accelerating rate, and fixed-asset investment and industrial production, while growing, lost some momentum.

“China’s May economic data suggest that policymakers have a lot to do to sustain the fragile recovery,” Yao Wei, chief China economist at Société Générale, wrote in a client note on Monday.

The worst pain is in the property sector, which has been struggling to deal with oversupply and weak buyer sentiment since 2021, when a multiyear  housing boom ended . The market still doesn’t appear to have found a floor, even after Beijing rolled out its most aggressive stimulus measures so far  in mid-May  in hopes of restoring confidence.

In major cities, new-home prices fell 4.3% in May compared with a year earlier, worse than a   3.5% decline in April, according to data released Monday by China’s National Bureau of Statistics. Prices in China’s secondhand home market tumbled 7.5%, compared with a 6.8% drop in April.

Home sales by value tumbled 30.5% in the first five months of this year compared with the same months last year.

“This data was certainly on the disappointing side and may ring some alarm bells, as May’s policy support package has not yet translated to a slower decline of housing prices, let alone a stabilisation,” said Lynn Song, chief China economist at ING.

Economists had also been hoping to see a wider recovery this month after Beijing started  rolling out  a planned issuance of 1 trillion yuan, the equivalent of $138 billion, in ultra-long sovereign bonds in May. The funds are designed to help pay for infrastructure and property projects backed by the authorities. Investors  gobbled up  the first batch of these bonds.

Monday’s bundle of economic data, however, underlined how the country still isn’t firing on all cylinders.

Retail sales, a key metric of consumer spending, rose 3.7% in May from a year earlier, compared with 2.3% in April, according to the National Bureau of Statistics. While the trend is heading in the right direction, it is still a relatively subdued level of growth, and below what most economists believe is needed to kick-start a major revival in consumer spending.

The expansion in industrial production—5.6% in May compared with a year earlier—was down from April’s 6.7% increase. Fixed-asset investment growth, of which 40% came from property and infrastructure sectors, also decelerated, to 3.5% year-over-year growth in May from 3.6% in April.

Key to the sluggish economic activity data in May—and China’s outlook going forward—is the crisis in the property market, which has proven hard for policymakers to address.

The property rescue package in May included letting local governments buy up unsold homes, removing minimum interest rates on mortgages, and reducing payments for potential home buyers. It also included as its centerpiece a $41 billion so-called re-lending program launched by the People’s Bank of China, which would provide funding to Chinese banks to support home purchases by state-owned firms.

The hope was that by stepping in as a buyer of last resort for millions of properties, the government would manage to mop up unsold housing inventory and persuade wary home buyers to re-enter the market. In turn, Chinese consumers, who have  most of their wealth  tied up in real estate, would feel more confident about spending again, thereby lifting the overall economy.

But the size of the re-lending program wasn’t big enough to convince home buyers, said Larry Hu , chief China economist at Macquarie Group. “Meanwhile, their income outlook also stays weak given the current economic condition,” he said.

For the property market to bottom out and reach a new equilibrium, mortgage rates, which stand at around 3-4% in China, need to be as low as rental yields, which are currently below 2% in major cities, said Zhaopeng Xing, a senior China strategist at ANZ. He said that a large mortgage rate cut will need to happen eventually.

The other key part of China’s push to revive growth revolves around the manufacturing sector, with leaders  funnelling more investment  into factories to boost output and reduce the country’s reliance on foreign suppliers of key technologies.

The result has been a surge in production. But with domestic consumption not strong enough to absorb all those goods, many factories have been forced to cut prices and seek out more overseas buyers.

Data released earlier this month showed that  Chinese exports rose  faster in May than the month before.

However, the export push is  butting into resistance  as governments around the world worry about the impact of cheap Chinese competition on domestic jobs and industries. The European Union last week said it would  impose new import tariffs  on Chinese electric vehicles, describing China’s auto industry as heavily subsidised by the government, to the point where other countries’ automakers can’t fairly compete.

The U.S.  has also hit  Chinese cars and some other products with hefty duties, while countries including Brazil, India and Turkey have opened antidumping investigations into Chinese steel, chemicals and other goods.

Beijing says such moves are protectionist and that its industries compete fairly with global rivals.