Penthouse demand towers over Sydney property market

Aegean Zhang, Sales Director of luxury real estate agency, Atlas Real Estate, has reported a recent surge in property buyers looking exclusively for penthouses. As society adjusts to the world post-COVID, more value than ever before is being placed on outdoor space, views and location – all of which are accommodated for by an inner-city penthouse. 

Based in Sydney, New South Wales, Zhang is the powerhouse behind the marketing and sales departments within the boutique firm. Atlas Real Estate was founded in late 2020 by Director Gimmy Pan and Principal Jane Lin. They’re an innovative, technology-driven real estate agency that specialises in luxury property management, buying and selling property in Sydney. 

“Penthouses have been historically known for boasting hotel-style luxury and unrivalled apartment-living privacy, however in today’s market their exclusive rooftop and terrace spaces, and indoor-outdoor living flexibility, is enthralling homebuyers,” Zhang said. 

“COVID-19 reinforced for a lot of people just how critical it is to love your home. For many, 2020 saw them spend more time within the confines of their home than ever before with lockdowns imposing strict stay-at-home orders. While living inner city is an absolute must for a great proportion of the Australian population, the limited access to nature and personal space can become overwhelming and even depressing. 

“The resurgence in demand for penthouse living reflects the trend in people who had a wake up call in 2020 in regards to the property they were leasing or had bought. For people who want all of the benefits of living in an apartment but want a private outdoor area, as well as more space and privacy, penthouses are a second to none choice if they have the budget for one.”

According to Zhang, a penthouse isn’t necessarily characterised by being on the top level of a unit building. A penthouse can refer to any luxury apartment that features amenities and a layout that is different from the other units in the same building. These features can include a spacious open floor plan, high-end kitchen appliances, an oversized master bedroom and ensuite, high ceilings, and a private outdoor space, such as a rooftop deck, extended balcony or terrace. 

Specialising in the Lower and Upper North Shore, Hills, Inner City, Inner West and Eastern Suburbs, Atlas Real Estate has experienced extraordinary success over their opening six months. Their primary customer base is people who want to buy high end apartments and penthouses in the $1.5 million to $4.5 million dollar range. Atlas Real Estate has created a name for themselves in selling and buying prestigious new apartments that are perfectly positioned within bustling Sydney town centres. 

“Whether you’re buying or renting, finding the right home for you can be a journey if you do not know exactly what you’re looking for,” Zhang said. 

“If you’re searching for a property that screams extravagance, there is none more synonymous with luxury than a penthouse. With a healthy budget, it can absolutely pay to invest in a penthouse, especially while demand is at a high.

“The exclusive penthouse in any building is always going to peak interest and there is good reason for it. There are a number of advantages you can expect in a penthouse.”

  • Quiet. If the city is known for one thing, it is noise. Peace and quiet is one thing that can be hard to find. When you live on the top floor of a building you benefit from being above the noise of cars and the public on the ground floor, as well as not being beneath stomping neighbours. 
  • Extra space. Owning the largest residence in your building means that you can enjoy all of the luxuries of a high-end building. A penthouse is a premier upgrade to your style of living that is unmatched in the market. 
  • Outdoor access. Having access to a private outdoor area something most apartment owners cannot relate to. Lush rooftop gardens, private balconies and pool areas all make inner city living feel less claustrophobic. 
  • High resale value. Compared to regular apartments, there are significantly less penthouses in the market – meaning that you could receive a major increase resale value if you decide to list yours down the track. Penthouses carry a status symbol and wow-factor because there are a clever investment and limited asset. 
  • Can’t forget the views. As you go higher and higher in an apartment building, the views get better and better. If you purchase a classic penthouse on the top floor of a building, you will enjoy breathtaking views of the cityscape. 

The absolute convenience and prestige of a penthouse is also critical for buyers.  In my experience, penthouses always attract attention from a lot of buyers, so naturally the demand is strong and so is the investment and growth potential.”