Sydney Joins Global Luxury Property Growth List Top 10

Media tycoon Kerry Packer’s granddaughter is listing what is being touted as Sydney’s largest single-level apartment for around $35 million as the city continues to be the epicentre of the nation’s luxury real estate market.

After owning the property for three years, Francesca Packer-Barham has put the 565sq m so-called lateral apartment at Darlinghurst, with five-bedrooms and five-plus bathrooms and eight car spaces, on the market.

Harry Seidler designed the apartment as part of the Horizon complex, which was completed in 1998, and the interior was recently remodeled by Mim Design.

The listing comes as Sydney again topped Australia’s luxury residential property price growth list, according to Knight Frank’s Prime Global Cities Index.

Four of Australia’s capital cities made the top 15 global rankings for luxury residential price growth during the past 12 months.

Sydney came in at 8th, globally recording 4.2 per cent growth, followed by the Gold Coast at 11th with 3.9 per cent growth.

▲ Francesca Packer-Barham’s apartment is in the Harry-Seidler-designed Horizon in Darlinghurst.

Perth was 12th at 3.8 per cent and Brisbane15th at 2.5 per cent growth while Melbourne was 26th with growth of 0.7 per cent.

This was all well behind Manila, which had 21.2 per cent growth in luxury residential prices during the past 12 months, while Dubai was 15.9 per cent and Shanghai 10.4 per cent to round out the top three.

Knight Frank head of residential research Michelle Ciesielski said the recovery in annual pricing confirmed global housing markets were displaying signs of stabilisation, despite higher mortgage rates.

“While this is a positive sign, we note that only 63 per cent of global markets had an increase over the third quarter of this year, indicating lingering uncertainty, primarily due to the potential for further interest rate hikes,” Ciesielski said.

“Ongoing uncertainty over inflation and interest rate risks continues to weigh on all levels of the global housing market, including the luxury segment, and is likely to limit price growth in the medium term.

“Globally, a more sustained upswing in demand and pricing will only be achieved once rates begin to move lower which is unlikely to take place before mid 2024.”

▲ Packer-Barham’s Darlinghurst apartment has an open-plan marble kitchen, wine cellar, marble fireplace, media room and four balconies.

For Packer-Barham, whose home fits the super-prime price bracket, softer conditions in London, where luxury prices continue to decline, dropping 1.7 per cent for the same period, may just be what she is looking for.

Highland Double Bay director David Malouf said Packer-Barham’s decision to sell her apartment to spend more time in London came at a time of remarkable activity in the top-end Sydney market.

“There are several homes in the Eastern Suburbs listed at price points exceeding $50 million to $70 million, raising the question of where these owners will go next,” he said.

“The demand for substantial apartments over 400sq m internally is incredibly high, both among expats and locals. 

“This residence meets this demand, providing an offering that is currently lacking in supply in the Eastern Suburbs.

“Interest in the property has already been substantial, even prior to its official market listing, underscoring the pent-up demand for residences of this calibre.”

The property at 184 Forbes Street, Darlinghurst has been listed by Malouf and Monika Tu and Jad Khattar of Black Diamondz.

Massive price tags are of course nothing new for the family, with James Packer picking up the penthouse in One Bangaroo for $60 million in 2017.