Three Melbourne Penthouses For Sale
A look inside the pinnacle of Melbourne’s luxury apartment market.
By Terry Christodoulou
Tue, Jun 8, 2021 4:15pm
3 min
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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The typically busy spring season for the housing market was a dud, and the summer isn’t looking much brighter.
Housing services companies like Zillow Group and Rocket RKT +3.78% were loud and clear last week on earnings calls: Rocket CEO Varun Krishna called the quarter through June “one of the toughest spring housing markets in years.”
Jeremy Hofmann, Zillow’s chief financial officer, said on a conference call that the company predicted earlier this year that the market for mortgages would be flat. “We actually now think it’s going to be down low-to-mid-single digits,” he said.
The rest of 2026 will remain challenging for mortgage origination volume, says KBW analyst Bose George. The question now is what happens in 2027. “If mortgage rates remain [around] 6.75%, I think that’s going to be challenging even for next year,” he says.
But what’s bad news for mortgage companies could be a positive for bargain hunters. Buyers can expect prices to grow more slowly—or mildly decline—with less competition as long as mortgage rates remain unpredictable.
Mortgage rates at the beginning of the year were solidly below year-ago levels, notes Zillow senior economist Kara Ng. But they surpassed last year’s levels recently, she adds, referencing Freddie Mac’s weekly survey of 30-year fixed mortgage rates. Last week’s reading, at 6.69%, was higher than year-ago levels for the first time in 2026.
“From the affordability point of view, it’s going to get more challenging in the second half of the year,” she says. “And when affordability gets more challenging, that impacts sales and home price appreciation.”
Mortgage application data tracked by the Mortgage Bankers Association has cooled since the beginning of the year. The trade group expects that the number of mortgage originations in the remaining two quarters will lag behind last year’s levels, after exceeding 2025 levels in the first half.
Rocket’s early-stage data—which the company told Barron’s it derives from its brokerage Redfin, demand for its mortgage products, and signs in its servicing portfolio that a homeowner is preparing to refinance or move—“leads us to expect the third quarter mortgage market to be smaller than the second,” Chief Financial Officer Brian Brown, said on the company’s call. He added that such an occurrence is “something the industry has not seen since 2022.”
Prices will be about flat nationally, Ng says. Zillow’s most recent forecast, which shows how values are expected to change in the year ending June 2027, show them dropping in roughly half of the 100 largest U.S. metros for which data is available.
Buyers aren’t rushing in at a time when mortgage costs are rising and unpredictable. But those with the right combination of patience and cash could stand to benefit. “If you are financially qualified to buy a starter home, you are facing less competition and you’re more likely to get a price cut,” Ng says.
