The second weekend in spring 2012 saw the release of the Pacific Swiss Grand apartments at Sydney’s iconic Bondi Beach and with overseas interest they sold like hot cakes. A one bedroom 70 square metre unit, sold for $1,900,000 or $27,000 per m2. This is a sharp increase on $10,000 per m2 the price-bracket where beach front apartments previously sold. Everything but the penthouse was snapped up. Agents were confident that ongoing negotiations would finalise a sale for the penthouse at $15,000,000 or $50,000 per m2.
Has Bondi moved into the ranks of the uber luxury apartment pricing? The most expensive prime luxury apartments are found in Monaco with prices at $58,300 per m2. London is cheap by comparison at $48,900 per m2; Paris $27,000 per m2 and Manhattan, depending on the share market on the day would set up back $23,000 per m2.
For more interesting property market articles have a look at the Buying Houses Australia blog.