$27m in sales at luxury Illawarra project shows affluent buyers downsizing
A $6 million penthouse set a new Kiama apartment price record, with 35 per cent of a boutique development already sold.
Developer Level 33 has sold more than a third of its Elan Kiama residences for a combined $27 million, including a $6 million penthouse that smashed the previous apartment record of $4.4 million set in March 2025.
The project attracts downsizers mostly from the South Coast and Sydney who want low-maintenance elevated coastal homes with space to entertain but without a large property to upkeep. Each apartment spans house-sized rooms with premium finishes, ocean views and secure parking.
The 20-residence development features three-bedroom units priced from $3.15 million to $4.1 million. Completion is expected in mid-to-late 2027.
- 35 per cent of 20 residences
- Units sold
- $27 million
- Combined sales value
- $6 million
- Penthouse price
- $4.4 million in March 2025
- Previous record
Why it mattersThe strong sales show affluent retirees and empty-nesters are willing to pay record prices to escape the burden of large family homes while staying in their preferred seaside suburb.
AustraliaThis trend signals a shift in Illawarra property demand: established wealthy downsizers choosing luxury apartments over traditional houses, which may reshape the region's residential market in coming years.
✓ Claims checked against the source. checked 2 h ago
