Herron Todd White - Month in Review May
Our over-eager abundance of aspirational genes is on high alert when someone begins to talk about the plush property sector and the lavish inclusions that come with spending an extraordinary amount of dosh on the world’s finest real estate. For example, in 1984, smash hit US show Lifestyle of the Rich and Famous was filled to the brim with eye candy real estate that caused viewers to cry champagne tears. More recently across the pond, the Candy Brothers of London were driving the expensive digs market with projects like One Hyde Park boasting apartment sales in the order of $A250 million. These were reported to include all sorts of features like eel-skin wall paper and a virtual golf course In Australia, we’ve seen plenty of cash splashed by those with both the means and a motivation to spend big. Just recent, an eye-catching apartment atop Sydney’s ANZ Tower hit the market with a $66 million price tag and while major cities capture the headlines, every corner of Australia has something to offer – from the river vistas of Brisbane to the elegance of Melbourne, classic architecture in Adelaide and the stunning contemporary testaments to the mining success of WA just to name a few. Go regional and sprawling homesteads on acreage the size of a small nation are set to impress the landed gentry as well. The OMG ways these homes are set apart from the rest are jaw-dropping. From helipads and gold courses to private car lifts and 400sqm metre sundecks – and don’t forget custom fitted furnishings, crystal chandeliers and, perhaps, diamond inlaid stair treads. And while its enjoyable to simply discuss bespoke finishes, there are broader lessons to be learned from this sector as well. Buyers at this end of the market think differently. They know what they want and have the wherewithal to get it. They often care less about interest rate movements and may be more inclined to claim their real estate jewel because of its lifestyle convenience rather than any misguided views on snapping up a bargain. Sometimes the biggest influence on buyers in this market is the overall performance of the national – and global – economy. This month, our offices have provided you some informative commentary combined with coffeetable moments as we explore our country’s prestige market sector. Spend a few minutes discovering where the ‘ooh la la’ set live and what they require in a home. In addition, we discuss how this sector is performing throughout the nation. Some locations are on the rise, some are on the fall and others are flat, but all are interesting for us mere mortals. To read about Brisbane's prestige property, head to page 48 of the Herron Todd White Month in Review.