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Bye-bye buy: the rise of the super luxury renter

By Michelle Lucas

A ‘bye-bye buy’ trend is emerging across the market as many are ditching the housing market and opting towards super luxury rentals in the Lower North Shore.

With the shortage of prestige housing stock available for sale, many potential buyers are finding it difficult to secure exactly what they’re looking for in this insanely competitive market.

Instead of putting their property dreams on hold, tenants are willing to pay $5000 or more per week for luxury rental properties that have great views, large spaces and incredible amenities. This allows them time to decide where and what they want to buy.

The renter redefined
There is an inherent stigma around renting – that it is only for young people who can’t afford to buy real estate.

This isn’t true at all. We are transient people and many would-be buyers appreciate the ease and flexibility of simply paying rent as opposed to the stress that comes with buying in a competitive market.

Following the economic uncertainty brought on by the pandemic, a certain calibre of renters are emerging in our market. They are waiting for the property market to cool and financial investments to stabilise before purchasing a new home.

In fact, many expats who are returning home are enjoying the exquisite rental options available in the Lower North Shore while they research and test out which neighbourhoods they want to invest in for their family home.

This emerging rental trend in our market is comparable to the likes of the illustrious rental markets of New York and London, where renting high end residences is not at all unusual.

Luxury living reimagined
The pandemic has transformed how we live, what we value in our homes and how we spend our money. Our overseas holidays cash is being funnelled into a lifestyle change and semi- permanent super luxury rentals are the new destination.

If we can’t travel overseas, why not splash out on an enviable upmarket home for 12 months?

In the Lower North Shore, a beautiful sub penthouse apartment, situated in arguably one of Mosman’s most coveted strata addresses “The George”, was tenanted earlier this year for $3,500 a week. Overlooking Balmoral with harbour views stretching to Manly, expansive open-plan living areas with Calcutta marble benchtops anchoring the gourmet kitchen this home exemplifies luxury living in Sydney.

Another newly listed property on Kirribilli Avenue in Kirribilli is a fully furnished two-level garden apartment. It has stunning Opera House outlooks and Harbour Bridge views, lift access and double basement parking. At $5,500 per week you can understand why when you see it. (VIEW IT HERE)

Landscaped outdoor living spaces spill out from each level complete with a built-in barbeque, outdoor gas fireplace, spa and synthetic turfed level lawn. Inside you’ll find a home theatre, marble kitchen with Wolf ovens and Sub Zero refrigerators, a basement level cellar and tasting room. Pictured below

The bedroom suites are reminiscent of a five star hotel, each of the three king bedrooms open to a luxe bathroom sanctuary complete with steel framed architectural doors and marble accents. Two of the three en suite bathrooms have spa-like rectangular timber bath tubs.

This rental trend is not restricted to the Lower North Shore. An exemplary penthouse apartment in Elizabeth Bay, with breathtaking views stretching across the boat-filled waters of Elizabeth Bay to The Heads is on the market for $4,950 a week. Featuring a private lift foyer and direct access to triple garaging, this sought-after building also features access to landscaped waterfront gardens with a private jetty, harbour pool and boardwalk.

Investors re-energised
Owners of beautiful investment properties or second residences are capitalising on this demand for luxury, as renters are prepared to spend money.

Across the Lower North Shore, we’ve seen a surge of investors jump back into the market, capitalising on low interest rates, capital growth opportunities and vibrant rental market promises.

The Australian Bureau of Statistics once again announced that investor loans have climbed another 1.3 per cent in September, the seventh consecutive monthly increase. Lending to investors is now at a three-year high.

Michelle Lucas (Patterson)
Head of Property Management – New Business
michelle.lucas@raywhite.com
0403 830 538

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