Suburban penthouse sold off-the-plan for $2.45 million

Welcome to your new penthouse: it has soaring ceilings, 360-degree views across Sydney, vertical gardens, a pool, gourmet kitchen and the finest finishes.

The Australian Elizabeth Redman & Turi Condon 17-07-2017

Welcome to your new penthouse: it has soaring ceilings, 360-degree views across Sydney, vertical gardens, a pool, gourmet kitchen and the finest finishes.

The price tag? $2.45 million. The location? Epping, 16km northwest of the Sydney CBD.

After five years of eye-watering price growth in Sydney and Melbourne, penthouses and luxury apartments in suburban areas are selling off the plan for record sums as the boom radiates from the CBD despite the wave of cranes across the cities’ skylines.

The penthouse sale, struck yesterday to a buyer who grew up in the suburb, follows other eyebrow-raising results in suburban areas. The new apartment price record in Parramatta tumbled earlier this month when a penthouse in the 8 Phillip Street project sold for $3.325m to a businessman based in western Sydney.

Earlier in Macquarie Park, a penthouse sold for $5.6m in the Natura development by Romeciti, setting a record for the suburb.

Developer of the Jardine Residences at Epping, Ilya Melnikoff, the great nephew of apartment tsar Harry Triguboff, said Sydney has always had “pockets” that capture those who want to stay in the local area. “People in Parramatta or ­Epping don’t want to buy in the eastern suburbs and vice versa,” Mr Melnikoff said. “At the same time, what you pay in Parramatta won’t buy you something comparable on the north shore or in the eastern suburbs.”

Prices have surged in the suburbs. The first of three very similar three-bedroom penthouses — stacked on top of each other at the Epping project — sold for $1.85m in March last year, the second for $2m three months later and the third yesterday at a 32 per cent premium on the first sale.

In Melbourne, high-end apartments in the city’s east have been attracting buyers. Ringwood, 24km from the CBD, had a penthouse in the Eden Square Residences by developer Stanley Field sell for $2.55m in June, the other fetched $2.5m in May. The building has a gym, wellness studio and private cinema.

Selling agent Marshall White director Leonard Teplin, said luxury suburban developments were popular with empty nesters and working couples without children. But not many apartment projects were catering to their needs, delivering high-end fit-outs and a high level of security.

Other apartment blocks were the target of first-home buyers or investors, he said. “They (the buyers) want to be close to family and friends and there was nobody else delivering the product that was suitable for them,” Mr Teplin said.

Elsewhere, Mr Teplin recently made two top-floor sales in the Bloom development in Carnegie for more than $1.6m each — ­although each buyer had combined two apartments to get more space.

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