Blink or you'll miss it: A Toorak penthouse for under $1 million

Occasionally, a listing comes along that defies expectation. Case in point: a penthouse in the elite suburb of Toorak, for under $1 million.

The studio apartment at 3 Tahara Road, Toorak, is for sale by expressions of interest with an $880,000 to $920,000 price guide.

$880,000-$920,000

Penthouse/3 Tahara Road, Toorak VIC 3142

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It is a jaw-dropping addition to a collection of penthouses on the market nationally for as little as $330,000, from Warwick Farm in Sydney, to Cardwell in Queensland, Brisbane’s Bulimba and Melbourne’s Footscray.

Single-bedroom penthouses are having a moment. One in Sydney’s Newtown set a suburb record of $1.345 million in early June, nabbed under the hammer by a young renter.

A penthouse in Toorak, one of the priciest postcodes in Australia, can command up to $20 million. In March, that sum was reportedly paid for an off-the-plan design in a James Packer-backed project.

Buyers dreaming of a prestige address – and the crowning apartment of a landmark block, no less – are flocking to inspect the property in the historic Caringal Flats.

Listing agent Edward Royale of Abercrombys says the Tahara Road position offers an endless vista at a high point of the salubrious suburb.

“When I first walked through it, I was really taken aback by the view, because it sits at the top of the hill,” he says. “You get a 360-degree view all across Melbourne, which is remarkable.

“They’re not building any more apartment buildings like this, that’s for sure.

“You’ll see the big, luxurious penthouses, which are at the highest end, and then occasionally you do get one of these beautifully-built, heritage apartments.”

Large windows frame the CBD skyline. The studio configuration connects the living and bedroom, which has built-in joinery. A rooftop terrace is the place to take in the sunset.

Caringal Flats, built in 1951, is one of Australia’s most celebrated apartment buildings, and has been lovingly restored to its original peach colour scheme.

Designed by John William Rivett, it signalled a new phase of urban living in Melbourne. Apartments in the art deco block are tightly held, and many have been featured in respected design publications.

The buyer pool for the penthouse has been diverse, from young professional couples, investors, and locals who grew up admiring the Caringal Flats’ unique style.

One-bedroom penthouses give entry-level buyers a shot at the high life.

Agent Jason Chave is marketing a Brian Steendyk-designed and owned example in the Brisbane suburb of Bulimba.

Chave, of Atlas by LJ Hooker Brisbane, says the penthouse at 306/18 Addison Avenue is a rarity due to the price, position and architectural pedigree. Offers are sought over $800,000.

Multiple prospective buyers have thrown their hat into the ring.

“We’ve had five offers and hopefully we can get it under contract very soon,” Chave says.

“It’s got higher ceilings, a bigger balcony, you can walk to cafes and restaurants, and you are footsteps away from the Brisbane River. It’s a little precinct.

“We’ve had young professionals and an older demographic looking to downsize, for easy living.”

Penthouses on the market right now for under $1 million

Offers Over $800,000

306/18 Addison Avenue, Bulimba QLD 4171

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Moments from the Brisbane River, for ferry access to the CBD, the penthouse is in a stylish block designed by top architect Brian Steendyk, who retained this as his own.

Eight-metre glass sliding doors peel back to integrate indoors and out, and the single bedroom has handsome timber louvres for an airy feel.

Owners share a shimmering lap pool and barbecue area.

$330,000

Unit 12/10-14 Poinciana Bvd, Cardwell QLD 4849

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For the same sum, you could buy a turbo-charged Porsche Cayenne or this two-bedroom, water-view penthouse. The two-bedroom pad, asking $330,000, is tenanted until October.

Cardwell is on the hot and sunny Cassowary Coast, about two hours south of Cairns.

$440,000 to $480,000

402/205 Ballarat Road, Footscray VIC 3011

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This modern, one-bedroom penthouse spreads over 70 square metres – much bigger than typical single-bed listings. Peel back double-glazed windows to the 15-metre-long balcony.

The suburb is about 12 minutes from the Melbourne CBD.

$550,000 - $600,000

30/8-10 Browne Parade, Warwick Farm NSW 2170

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The new owner of this penthouse will be seeing double – two bedrooms, two balconies and a dual lock-up garage.

The apartment is atop a building near shopping and a major hospital in the heart of Liverpool.