Luxury lessons you should learn

By Rich Harvey, CEO, propertybuyer.com.au

You might have seen in the news that the most expensive apartment sale in Australian history has gone down - for a gargantuan $25 million. The 750 square metre apartment sits atop Australia 108, which will be the tallest residential tower in the southern hemisphere when it is finally completed. The Australian Financial Review reports that this was $5000 per square metre more than the next most expensive deal.

Clearly, Australian property is attracting the big bucks, and records are made to be broken - I don't think it will be long before we see an even bigger deal struck. While you're probably not in the market for the most expensive apartments around, I wager that a lot of people are realising their property has seen some great gains in recent years and are looking to upgrade to some prestige property.

So with this in mind, what lessons can you take from the Australia 108 sale when you buy luxury property in Sydney?

Don't wait for the listing

You will have noted that the Australia 108 tower hasn't actually been completed yet, which means the sale of this apartment was made before it is even ready for use. This is buying off the plan, and it is key for securing many prestige properties.

It means you can make a transaction privately and efficiently, as well as face less competition from other buyers. It also means you buy more on your own terms rather than being pushed by rivals. But of course, it requires good contacts. That is where a buyers' agent is vital. The right one will have a deep list of contacts and know where developments are coming, which ones are primed for growth, and will be able to get you in before the crowd does.

Your home, your luxury, your rules

The words luxury property might sound daunting when you first look at upgrading to a new home, but remember: Luxury is what you make of it. You don't have to have a $25 million apartment to have an iconic lifestyle, and current figures suggest luxury is more than within touching distance for many.

SQM Research has pegged the Sydney median asking price at just over $1 million, while the CoreLogic RP Data monthly indices for the end of March have recorded the median value at $868,350. This could give you serious leverage, and the power to pick and choose the luxury property you really want.