Melbourne penthouse apartment, realestate.com.au
This week, Secret Agent takes a closer look at the price per square metre of Melbourne penthouse apartments.
Besides occupying the top floor of a medium to high rise building, for an apartment to be considered a penthouse, it also had to have a distinguished floor plan.
Out of 1,908 apartments sold around inner Melbourne since January 2016 to May 2017, there were only 21 penthouse apartments. All of these were new, post-90s builds except for 2 warehouse conversions. These penthouses were concentrated around the CBD, inner East and inner South suburbs.
Note that our results were skewed towards the sub-$3 million penthouse market, as information on apartments sold above this value is generally less accessible. Most of the apartments in our study are not whole-level penthouses.
|Average sale price||$1,739,048||$590,655|
|Average overall PPSM**||$11,076||$8,724|
|Average PPSM for 2 bed||$11,544*||$8,669|
|Average PPSM for 3 bed||$11,132||$8,877|
|Average PPSM for 4 bed||$10,187*||$10,138|
|Median internal area for 2 bedrooms||139sqm*||69sqm|
|Median internal area for 3 bedrooms||157sqm||118sqm|
|Median internal area for 4 bedrooms||192sqm*||198sqm|
|Median outdoor area||47sqm||7.5sqm|
* Based on less than 5 sales, ** PPSM refers to price per internal square metre
Table 1 Average prices per square metre and median sizes in penthouses versus non-penthouses around inner Melbourne