_Redefining the Sydney skyline
It’s hard to put your finger on what makes Sydney so special. Its immaculate beaches, pristine parklands and enviable climate certainly make it an appealing holiday destination. But the bustling, harbourside city is more than just a pretty backdrop for tourists; it’s also home to many of the world’s blue-chip corporations and is the financial powerhouse for the Australian economy. With near-perfect weather, high quality education facilities, and world-class arts and culture on tap, Sydney consistently ranks high on multiple global liveability indices.
Image: One of the most instantly recognisable harbours in the world - Sydney, Australia
And now, the already magnificent city is undergoing a transformation that will redefine Sydney as we know it. With the redevelopment of Barangaroo - one of the most significant urban renewal projects in Australia nearing completion, it will further elevate Sydney’s status as one of the world’s most desirable cities to live.
Image: the view from Pyrmont of Barangaroo, currently underdoing redevelopment with the construction of Crown Sydney's One Barangaroo
Economic resilience
The Australian economy has been solid over the past decade. Led by a stable government and transparent taxation, Australia was one of a handful of countries to not fall into recession following the global financial crisis. It’s too early to understand the longer-term impact of the COVID-19 pandemic, despite significant economic stimulus being injected by the Australian government. The positive global consensus on Australia’s handling of the pandemic though has increased its attraction, with its quick response and subsequent control over the spread of the virus around the country. With the currency exchange also in play, Australia’s property market has continued to attract significant overseas interest and activity.
While there has been talk of Sydney’s prime luxury residential property market slowing in recent years, the reality is, growth has merely settled to sustainable levels given the 4.7% growth in the 12 months to March 2020. Despite recent events, Sydney's prime residential market is standing firm in the first quarter of 2020, outperforming cities like London, New York and Hong Kong who reported flat or negative prime values, according to Knight Frank's 2020 Prime Global Cities Index. Sydney’s record strong growth makes for a safe investment and lifestyle opportunity, with a strong foundation for an agile recovery backed by solid market fundamentals.
On a global scale, the value in Sydney is undeniable. Looking at relative values across the globe, US$1 million will buy 57 square meters of prime luxury internal floorspace in Sydney in March 2020, compared to 22 square meters in Hong Kong or just 17 square metres in Monaco; with the recent favourable Australian dollar seeing an increased interest from overseas investors and expats returning or buying now for a future return home.
A limitation for Sydney has been its lack of super-prime residences. Whilst prime investment stock is well established, inner-city luxury residences have been constrained to penthouses – that is, until now. With the illustrious Crown Residences at One Barangaroo close to completion, Sydney’s super-prime market is now on the global stage.
Image: Crown Residences at One Barangaroo making its mark on the Sydney CBD skyline
In fact, we celebrated the 'topping out' of One Barangaroo this month, marking the completion of vertical construction - four years in the making. This is a significant milestone having poured the final floor of the tower, putting us well and truly on the path to completion in the new year.
Image: a conifer pine placed by atop Crown Sydney’s One Barangaroo in symbolic celebration of reaching the construction peak
Comprising of just 82 private residences with sweeping views of Sydney’s harbour, the exclusive residences are impeccably designed, and uniquely styled to deliver individuality, warmth, and a touch of elegance. As Australia’s first fully integrated hotel branded residences, complete with luxury services and amenities from the Crown Resorts hotel below, the Crown Residences at One Barangaroo offer a level of serviced living which is unrivalled in Australia.
Image: the St Legere-designed tropical inspired oasis with two infinity-edge pools, day spa and tennis court among One Barangaroo's resort amenities
Utilising the most cutting-edge materials and technology available, One Barangaroo is a ground-breaking sculptural form consisting of three petals that twist as it rises. The extraordinary development has caught the world’s attention, and as they watch the icon evolving on the skyline, the ultra-wealthy are vying for the opportunity to own one of the last remaining, limited-edition residences.
At last, Sydney has a landmark building which will place Australia in the global arena for luxury, super-prime residential property. With over $650 million in transactions already achieved to date, there is a very limited window of time to secure one of the last remaining residences at one of the most prestigious addresses in the world – Crown Residences at One Barangaroo Sydney, Australia.
For further information, please contact:
Erin van Tuil
Partner, Crown Residences at One Barangaroo
+61 409 325 700