_City Spotlight: Sydney & LA

Luxury residential markets around the world enjoyed a red hot 2021. In our latest Wealth Report, we take the temperature of our unique Prime International Residential Index (PIRI), which tracks price performance in 100 key city, sun and ski locations. Alongside this is our PIRI Pagoda, which provides a guide of how much space US$1 million will buy you around the world when it comes to prime residential property.

This year, another layer was added to this analysis. One of relative affordability in the 1% zone - that is, how much one would need to spend to reside in the top 1% of luxury accommodation in a selection of the world’s prime markets.

While half a million USD is all that is required to enter the prime residential markets in Mumbai and Sao Paulo, it is a big jump to Monaco, playground to the world’s rich and famous, demanding the highest outlay at US$34 million to enter this rarified 1% zone. This comes as no surprise given Monaco consistently tops the charts for the world’s most expensive real estate with this enclave offering a mere 15 sqm of real estate for US$1 million.

After this is Beijing and Singapore where homeowners need to spend US$7.6m and US$7.3m respectively. Taking the third position is Sydney at US$6.3m, for the first time on par with Californian capital Los Angeles. Whilst the amount required to enter the upper echelon of both luxury markets is equal, those opting to purchase in Los Angeles will get slightly more for their dollar with 42.2 sqm compared to 41.1 sqm in Sydney.

Interestingly, in our assessment of the 1% zone, less was required for international cities like Hong Kong (US$5.4 million), Paris (US$5.2 million), New York (US$5m) and London (US$4.4m), broadening the appeal for those looking to make their next purchase in either sunny city, Sydney or Los Angeles.

Sydney

For those wishing to enter Sydney’s prime market with a budget of US$6.3m, that is the starting prices of Crown Residences at One Barangaroo, Australia’s premier hotel-branded residences and first super-prime development firmly stamping the city on the global map.

Image: Crown Residences, the luxury residential that sits above the Crown Towers Sydney Hotel at 1 Barangaroo Avenue, Barangaroo, Sydney

With 76 luxury residences designed by the genius architect Wilkinson-Eyre and acclaimed Meyer Davis Studio Interiors, apartments start at $9 million and maximize multiple harbour views, oozing comfort with opulent design and round-the-clock service from leading hospitality operator Crown Sydney which sits below. These skyhomes have transformed perceptions of apartment living in the city, marrying world-class design with an unrivalled service offering and luxurious resort amenities in one unbeatable harbour location. The chance to be among the distinguished few homeowners at Crown Residences is narrowing as sales near the end with a very limited number of apartments remaining.

Image: a three-bedroom residence available for sale, Crown Residences at One Barangaroo, Barangaroo, Sydney 

Sydney is synonymous with sun, surf and sand with the most affluent neighbourhoods and prestigious properties dotted along the beaches and coastlines. With a robust prime market and many owners choosing to hold onto their assets, especially those with water views, frontages, or direct access commanding premiums as high as 95%, quality stock is and will continue to be in short supply. One rare gem to hit the market recently is this commanding new five-bedroom Tuscan-inspired home in Mona Vale in Sydney’s Northern Beaches.

Image: five-bedroom Mona Vale beachfront home, Mona Vale, Sydney

Set on a 1,280 sqm site facing the quiet Basin Beach, this residence was built as recently as 2019 to bring the best of the relaxed Australian lifestyle together in one complete offering. In addition to a stone guesthouse, the main home features generous open plan living, an awe-inspiring café style central kitchen that perfectly frames the beachfront views, an extensive study overlooking lush rear gardens, plunge pool, underground wine cellar and garage, and rooftop from where to take in 360° ocean views, looking out east to the Ku-Ring-Gai Chase National Park to the west.

Image: Mona Vale, Sydney

What makes this property truly special though is the unique design touches found throughout, such as the vibrant handmade Moroccan tiles, polished concrete floors and Fiji mahogany for the bathroom ceilings and outdoor decks. An idyllic family or entertainer’s home with direct beach access, this beachfront reserve property has a price guide of $9.5 million.

Los Angeles

Over in California, the typical Los Angeles homes of the ultra-wealthy resemble sprawling gated mansions with celebrity-architect designers, lush infinity pools and sweeping sunset views of the LA skyline and Hollywood Hills.

One such property that fits this brief with a price tag of $8.45 million is this former celebrity Mediterranean villa set behind the guarded gates of The Summit in Beverly Hills. With 6 bedrooms, 7 bathrooms, a large family room, formal/informal living room, chef’s kitchen, theatre, office, fire feature, custom pool, spa and a separate maids quarter, 12094 Summit Circle is 692 sqm of immaculate architecture and rarefied design. 

Image: 12094 Summit Circuit, Beverly Hills Post Office, California

Another sublime property is this stunning Victorian home in Wilshire, Los Angeles, a beautiful blend of modern elements and historical charm. Designed by the renowned John C. Austin, best known for The Griffith Observatory, this home stands as one of the last early Wilshire Boulevard homes still in existence and has recently been reimagined by architect and designer Xorin Balbes. With an asking price just shy of $8 million, this home offers 9-bedrooms and 11-bathrooms that effortlessly emulates luxury, spanning four floors and encompassing over 1,200 sqm. The main level welcomes you through a grand foyer with striking joinery carrying through to an elegant formal dining room, music room and media room. An entertainer's dream, there is also a gourmet chef's kitchen, sunny breakfast room, alongside a yoga room, custom gym, billiards room, den/office, pool and spa, BBQ, fire-pit and a detached guest house. Rich in history, this cultural masterpiece truly has it all.

Image: 637 S Lucerne Boulevard - Hancock Park/Wilshire, California