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Kingston Foreshore Apartment Sells for $3.5M

By Kramer - 6 October 2007 16

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.

What’s Your opinion?


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16 Responses to
Kingston Foreshore Apartment Sells for $3.5M
Snahons_scv6_berlina 10:56 am 08 Oct 07

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

hingo_VRCalaisV6 10:25 am 08 Oct 07

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

Thumper 9:08 am 08 Oct 07

Oh yeah, certainly have no troubles selling 🙂

VYBerlinaV8...the_or 9:05 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.

Thumper 8:55 am 08 Oct 07

I know of a place in Charnwood that’s going soon.

Nice joint to boot. Fully landscaped with easy care gardens, large family , lounge and living areas, freshly painted, ducted gas heating, all good stuff. Just walk in, nothing to do…

Do I hear $1 million?

VYBerlinaV8...the_or 8:52 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.

Thumper 8:47 am 08 Oct 07

I’d love to have a water view…

In fact, my dream home would have river frontage.

Complete with water rats…

kylearaus 9:10 pm 07 Oct 07

This proves that everything sells. Obviously affordable by someone.

Heavs 1:18 pm 07 Oct 07

re: water rats?

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

mikey 9:04 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 Waffle 11:30 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…

shauno 9:46 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.

sepi 9:00 pm 06 Oct 07

Water views are gorgeous, and a rarity.

Sydney harbour views hold their value over time, despite not having ‘land’ value.

I’d live by the lake if it was on offer.

cranky 8:57 pm 06 Oct 07

I was impressed with the logic displayed by another, (non selling) agent, who pointed out that the major value in real estate, and the reason it generally increases in value, is the price of the land component. As someone famous once said, buy land, they’re not making it anymore.

The land value of these penthouses is insignificant in the scheme of things, and buildings devalue over time. Sounds like the buyer couldn’t care less.

shauno 8:18 pm 06 Oct 07

Its an insane price for something in Canberra. Especially if you look at it in terms of US dollars. With the Australian Dollar at such a high exchange rate they just paid worldwide top dollar for an apartment overlooking muddy carp filled Lake Burley Griffin. Oh well if you’ve got the money to waste why not.

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