Sydney has some of the world’s most expensive real estate… for good and for bad. It’s caused an ongoing rental crisis for those at the lower end of the socio-economic spectrum, but it undeniably allows for some of the most luxurious homes in the world to be built out for those with the means to invest.
And yet… the A$100 million penthouse in Barangaroo’s Crown residences has lingered on the market for over five years, with fat cats from around the world showing interest but never making a serious offer on the property. As a challenger emerges in the form of a tri-level mega-pad atop One Circular Quay, DMARGE has uncovered exclusive insight into why nobody wants Crown’s crowning jewel…
Naturally, in economically uncertain times — the market has been something of a rollercoaster before, during, and since the COVID-19 pandemic — many potential buyers remain cautious, opting for more conservative investments. Reece Coleman, a seasoned real estate expert, told The Daily Mail that buyers are hesitant about the value proposition of a A$100 million penthouse when similar properties are available at a fraction of the cost.
“The feeling is very much one of, in regards to Crown, why buy the penthouse for $100 million when you can go eight feet down and get something similar for $30million less.”
Reece Coleman, speaking to The Daily Mail
Boasting ocean views and incredibly opulent amenities, the penthouse is yet to find a buyer. Even James Packer, a titan in the Australian business world, has not been tempted by its charms, opting for a lower-priced unit within the development.
While some anticipate a long overdue price adjustment, developers remain steadfast in their valuation, determined to maintain the prestige of the building — a price cut never looks good, even if it shifts the property. The penthouse at the long-anticipated One Circular Quay, still under construction, promises to elevate Sydney’s hard-earned status as a global real estate hub.
The Real Reason No One Is Buying
While we have no doubt that the pricing and rival properties have played a part in the failure to move this penthouse, sources close the to failed sale spoke to DMARGE, revealing another crucial factor that, strangely enough, implicates publications just like ours and the (social) media landscape more widely…
Essentially, the superrich don’t want to buy the property because, over the course of the past few years, it has been shown to everyone, everywhere; the exclusivity, privacy, and mystique of the property have been destroyed by a string of influencers parading through the property, showing its many charms to the world.
This news will come as further frustration for realtors who, understandably, have been inviting those very influencers into the apartment in an effort to raise its profile and promote a sale. Alas, it seems that this tactic has been having precisely the opposite effect to what they had hoped.
As the city’s skyline evolves, Sydney continues to solidify its place among the world’s elite real estate markets, rivalling the likes of Hong Kong, New York, and Tokyo. However, the battle for supremacy in the sky not only reflects the shifting dynamics of luxury living in a post-pandemic world but also how the media landscape can work against the very same world it profits from promoting.