Insights

The past couple days have seen news outlets across Australia talk about the sale of the country’s most expensive apartment – and it hasn’t even been built yet.

Bought off the plan at asking price, the property was bought by a Chinese businessman for an eye-watering $250 million.

The 750 square metre penthouse sits at the top end of the planned Australia 108 development, which is to be built at 70 Southbank Boulevard.

Spanning the entire 100th floor, the new owner will enter through a private grand foyer on level 98, and have use of a featured private glass elevator.

Breaking records across the country, the apartment points to Melbourne as the place to be. Growing ever more sophisticated and cosmopolitan, the sale only further indicates Melbourne’s fast trek toward becoming a global city.

It also points to strong international interest in our property market and growing buyer competition.

What vendors and buyers alike can learn from this sale is that they should maintain a keen eye on Melbourne’s property market as it develops, increases in density and becomes more valuable.

Australia 108 building is due for completion in 2019.

Read more on whopper luxury apartments at Property Observer.