6 October 2007

Kingston Foreshore Apartment Sells for $3.5M

6 October 2007 | Kramer

According to the dead tree version of todays CT, a penthouse apartment at The Waterfront sold for a record $3.5 million. It comfortably edged out the previous record of $3.35 million which was for the adjacent apartment at the Waterfront. Before the Waterfront opened the previous record for an apartment in Canberra was just over $1 million, now the average price for an apartment in the Waterfront is $1.2 million. Even though it is right on the edge of the lake, it’s a bit hard to believe someone would pay this sort of money for an apartment in Canberra. Obviously some people haven’t heard of the housing affordability crisis.

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spankit8:45 am 19 Oct 07

Housing is worth whatever people will pay I spose. if I had a spare 3.5 mil I wouldn’t be buying in Canberra tho! I smell a tax dodge…

Snahons_scv6_berlina10:56 am 08 Oct 07

you ain’t getting a dollar outta me… oops copyright infrigement..

hingo_VRCalaisV610:25 am 08 Oct 07

I bet it has a nice view of the water rats. What an investment!

VYBerlinaV8...the_original_and_best9:05 am 08 Oct 07

You won’t get a million, but if it’s a genuinely good property in an ok street you may be surprised at what it does go for. Demand is high, and no real supply solutions have been found yet.

VYBerlinaV8...the_original_and_best8:52 am 08 Oct 07

I reckon it’s probably too much to pay for Canberra for now, but the market sets it’s own level, so clearly something else thinks it’s the right price. I’ve had a look through the Kingston Foreshore apartments, and didn’t think much of them for investment (they don’t work with my strategy, but may work for others). I believe most of them are owner-occupier.

These sorts of sales should also be considered in context – remember that they don’t necessarily indicate the wider market.

kylearaus9:10 pm 07 Oct 07

This proves that everything sells. Obviously affordable by someone.

Heavs1:18 pm 07 Oct 07

re: water rats?

Was it Jay L’Agaia? Or maybe that ginger Raelee Hill. What a show that was …

mikey9:04 am 07 Oct 07

When i first moved to Canberra i thought, hmm, a walk around the lake would be nice. What a great feature for the city. Well, the water level must have been low because it stunk in parts and looked pretty uninviting what with the rubbish and all floating in it, and the occasional water rat skulking about. I haven’t been back. So to spend $3.5 million for a ‘waterfront’ apartment (especially up the crappy end of the lake) just speaks stupidity.

Mr Waffle11:30 pm 06 Oct 07

At least us poor slobs can take comfort in the fact that they’re in for a bone-jarring ride on Wentworth Ave when they take their Porsche out for a spin…

shauno9:46 pm 06 Oct 07

Its probably some one with a spare 100 million or so and who needs access to the Polys every now and again. And will probably spend a few weeks a year here if that.

Sydney harbor is completely different story you cant compare the two at all.