Buyers seek cream of the apartment crop

Source: The West Australian

Unobstructed views, lots of light, higher ceilings, elevators that open directly into the apartment and private outdoor space are just some of the perks associated with living in a penthouse.

Discussing what separates penthouses from regular apartments, Baltinas Sales and Marketing Project Manager Rebecca Frost said they usually offered all the benefits of apartment living with all the trimmings of a more traditional, luxurious, large home.

“Penthouse apartments are highly sought-after in Perth’s property market as they boast an enviable combination of ultra-luxury and lock-up-and-leave living and are more affordable compared to larger, more traditional luxury homes,” she said.

“A larger family residence on a block with gardens and lawns requires far more attention when you’re away travelling, and there’s a greater need to consider security issues in these homes than with a penthouse apartment which is inherently far more secure.”

For these reasons, Ms Frost said Perth penthouse apartments were often in demand with overseas buyers, corporate couples, downsizers or families with older children still living at home.

While most penthouses in Perth are owned by owner-occupiers, Ms Frost said penthouses also appealed to savvy investors.

“For investors, penthouses offer an opportunity to secure a long-term investment that follows the rule of supply and demand,” she said.

In recent years, Blackburne Property Group has placed greater emphasis on developing larger penthouses in the higher price ranges.

“There is a growing market for these luxurious penthouses in Western Australia,” Blackburne Property Group Managing Director Paul Blackburne told West Real Estate.

“The most demand is in the western suburbs, as there is so little supply and such strong demand.

“We have several penthouse apartments available priced between $10 million and $20 million which we expect sold within the next few months. Some of them look over Cottesloe Beach and Freshwater Bay towards the city – they will attract billionaire buyers.

“In almost all cases they are custom designed and often a buyer will appoint their own interior designer to ensure it has a personalised touch.”