Are the days of mega-penthouse prices over in Sydney?

Property ObserverJuly 10, 20130 min read

A proposed two level Potts Point penthouse sold for $20 million off the plan in boom times, but the developer collapsed before construction started.

Then a reshaped penthouse was relisted at $13 million earlier this year after being shrunk to just the top level.

Now its been halved with two $6 million buyers being recently found.

The offering sits atop a seven story complex which will replace the former Oakford Apartments motel on its scheduled 2015 completion by Investec.

Its appears many empty nesters can't get what they want for their redundant houses so there is a growing reluctance to spend excessive amounts of their downsizing into apartments.

There was, as readers have recalled below, the consolidation of a mega penthouse at Bondi which was big news last month.

{module Are the days of mega-penthouse prices over in Sydney?}

Property Observer

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