One branded residences project is adding sparkle and exclusivity to Sydney’s luxury property market – Crown Residences At One Barangaroo, Sydney, Australia. We look at how this property is set to sparkle in the Australia property market.
Australia has been rather late to the branded residence trend. To be quite honest, it’s not really been needed. Residential property in major cities across the country has performed well over the past decade. However, the added value a brand can bring to a residence has caught the developer’s eyes down under. In Knight Frank’s recent Branded Residences Report 2019, Erin van Tuil, Knight Frank Partner, Crown Residences at One Barangaroo notes that “while the branded concept in the Sydney market is still embryonic, all the evidence we have to date from marketing One Barangaroo is that a premium of 25 to 35 per cent ahead of comparable non-branded product is where the market will sit.” That’s a substantial increase over a non-branded property. Whereas some cities see little increase in value, Sydney is showing a strong liking for the branded residence. Not only that, but waterfront homes in Sydney have a premium of 89.3 per cent over non-waterfront properties. That is by far, the highest in the world. According to the Knight Frank Global Waterfront Monitor, three Australian Cities took the top three spots with the Gold Coast in second place with a premium of 63.1 per cent and Perth in third place with a premium of 53.2 per cent.
Melbourne also made the list, however, it was down in eighth place with a premium on its waterfront property of 30.4 per cent. These premiums were calculated as of Q3 2018. The Australian property market is facing some challenges, but the country remains popular with buyers from Asia. The prior 12 months to the end of April 2018, to van Tuil, “Australia’s economic resilience, adaptability and a 26-year record of steady growth provide a safe, low-risk environment in which to invest and do business. The continuing growth in Sydney’s luxury property market has been driven by a strong economy (which has grown more consistently than any other country in the world), a stable political and business climate, and a surge in UHNWIs calling the city home”. The currency is also playing its part for property investments across the board. A favourable exchange rate for overseas buyers mates the country even more attractive. Van Tuil also noted, “In the 12 months ending August 2018, the total value of ultra-prime properties (over USD 25 million) sold in Sydney was USD 219 million across five transactions. We expect to see an increase in sales of prime property over USD 25 million in Sydney throughout 2019”.
CROWN RESIDENCES AT ONE BARANGAROO, SYDNEY, AUSTRALIA
As far as large cities go, Sydney is one of the most desirable places on the planet to call home. It ranked 5th in 2018 in the Economist Intelligence Unit’s Most Liveable Cities ranking and 11th on Knight Frank’s City Wealth Index last year. It’s also just eight hours from Singapore and as Australia’s largest city, has a cosmopolitan vibe you’ll be hard-pressed to find in many other beach cities. Featuring 82 private residences, this prestigious project features two-, three-, four-, and six-bedroom residences. There is a Duplex Penthouse for those looking for something exquisite. Architects, WilkinsonEyre, has designed a masterpiece in the Sydney skyline, instantly recognisable and what is sure to become a must-see attraction for design lovers in the city. Inside, interior designers, Meyer Davis, offer a modern layout and luxurious feel. There are large windows providing stunning views out over the city and harbour. Residents with views to the north and east will be able to clearly see the Sydney Harbour Bridge, while east viewing residences will also be able to see the Sydney Opera House. South and west views look out over the CBD and residential neighbourhoods. The property certainly does not lack for stunning waterfront views, as it features prominently in every direction.
Crown Residences At One Barangaroo marks the introduction of hotel-branded residences in Australia. The arrival of branded residences at this time into Sydney is no coincidence. Sydney continues to attract high net worth individuals (HNWIs) by taking up a significant proportion of the 10,000 HNWIs net inflow into Australia each year, the highest of any country, for three years running as reported by New World Wealth. This demonstrates Sydney as a rapidly advancing global city. Since the global financial crisis in 2008, Sydney has seen strong growth in prime property prices. At Crown Residences, we’re seeing a lot of interest from UHNWIs who are looking to downsize or looking for a second home in a central location,” commented van Tuil. The luxuries of six-star hotel living are catered to residents. From in-residence dining to a multitude of restaurants, there won’t be a need to go anywhere else in the evening to eat or drink. Of course, there is a spa and fitness centre, not to mention a concierge and valet parking. What really puts it over the top is the housekeeping service, which enables you to really live as if you’re on holiday. According to Todd Nisbet, Executive Vice President, Crown Resorts Sydney, “Crown Sydney, One Barangaroo is one of Australia’s most sophisticated buildings. The technology and materials that are being used coupled with meticulous attention to detail is the embodiment of the values and commitment to quality that we as a developer Crown Resorts stands for.
When it is time to head out, One Barangaroo is just a few minutes’ walk from the CBD and the newest ferry terminal in Sydney. There is also an abundance of shops, restaurants, bars, and parks within easy reach. It thus provides the best of waterfront and city living, making it one of the most sought-after developments in the Southern Hemisphere. Furthermore, Nisbet believes “This is a once-in-a-lifetime opportunity when a location and developer of this calibre come together. To see the development coming to fruition really is something to marvel at. The Crown Residences at One Barangaroo will be housed in a landmark that is set to change Sydney’s skyline forever”.
“The lack of exceptional stock has plagued the top end of the market, lifting prices as demand continues to increase. Crown Residences At One Barangaroo, as the country’s first fully integrated, six-star hotel-branded residences, has received a very warm welcome from both Australian and offshore purchasers alike since sales commenced. The driving force behind the on-going interest is a combination of the lifestyle offering as well as the design and location,” noted van Tuil. Priced from AUD 9.5 million (approx. USD 6.75 million).