Sydney’s luxury homes sector is widely regarded as one of the most high energy markets in Australia, while from a global perspective, recent reports indicate the New South Wales capital has one of the highest priced luxury residential properties in the world. Factors considered in this evaluation include the market record sale price, average price per square metre of luxury properties, the number of sales over $1 million, the number of listings over $1 million per capita, the percentage of international buyers and the percentage of secondary and additional homes.
Home builders operating in Sydney continue to report steady interest in luxury modern homes offering a range of exclusive features such as leading edge design, premium quality fixtures, fittings and detailing, privacy and state of the art technology. Ask Sydney firms specialising in custom homes what the key trends for that market are and the response has typically been ‘location, location, location’. And by ‘location’ a waterside position is traditionally implied; not surprising given the harbour city’s stunning natural assets. However, new trends are now emerging; for one thing, home builders in NSW are reporting that luxury clients are increasingly willing to buy in postcodes not previously considered high-status, allowing them to acquire a bigger property footprint for their dollar spend, freeing up cash to outlay on a custom designed home that meets their needs perfectly or offers something outside the square in terms of design and function.
Many of these high net worth clients are specifying features in line with evolving trends in demand. A key development in recent times, and especially attractive to time-poor, high net worth clients, is the idea of the ‘full package’ offering. Some home build clients are happy to pay top dollar for the privilege of simply turning the key and walking into a completely decked out home. Meanwhile, eco-friendly properties are increasingly in demand from home builders in NSW; without regarding themselves as traditional ‘greenies’, clients are looking for homes that are energy efficient and in some cases crafted from sustainable building materials. Meanwhile well-being related features such as outdoor baths and meditation courtyards are also sought-after.
Clients in the Sydney luxury market are also increasingly showing interest in an area of self-contained housing within the property, such as an apartment or ‘back yard cottage’ designed to accommodate long term guests, lodgers or family members such as grandparents or adult children.
As part of their spend, such clients are often looking for a unique point of difference. Indeed, some home owners in the Sydney market are appointing renowned architects to create exclusive, one-off properties with ‘star appeal’. However, even if they’re not opting for ‘big name’ architects, they’re seeking out prestige home builders specialised in creating ‘million dollar homes’ to order. While some clients continue to specify opulent properties that demonstrate their financial clout, others are looking for a more pared back, understated aesthetic; the emphasis is on optimisation of space and the use of premium materials, not in a showy way, but in a manner that uses design to best effect to create a high functioning home and an aesthetic that won’t date.