First published 13 Nov 2026, 7:08am
An exclusive multimillion-dollar penthouse in a new complex in Adelaide’s leafy eastern suburbs has highlighted the strength of Adelaide’s prestige market, with more than 60 groups attending its launch this week.
The property – Penthouse 302 at 302/7A Victoria Terrace, Rose Park – launched on Thursday night, with the property the crowning glory of the newest complex in one of SA’s most prestigious suburbs.
Rose Park Apartments, Rose Park. Pic: Supplied.
The spacious terrace. Pic: Supplied.
Quality fittings and finishes abound. Pic: Supplied.
The kitchen is stunning. Pic: Supplied.
Selling agent Stephanie Williams of Williams Real Estate, who is selling the property with fellow agent Jonathon Kiritsis, said the 451sqm penthouse, which was designed by Loucas Zahos Architects and built by Kennett, had been a hit.
“The market response at the first opening was absolutely outstanding and we look forward to several revisits this weekend … having more than 60 groups coming through is so exciting,” Mrs Williams said.
“Buyers to date have predominantly been local downsizers who know and value the leafy eastern suburbs locale.
No detail has been overlooked. Pic: Supplied.
The home is flooded with natural light. Pic: Supplied.
Curved walls add to the aesthetic. Pic: Supplied.
“They’re looking for a more convenient low-maintenance lifestyle without compromise or giving up space, and this designer penthouse offers a once-in-a-lifetime and exclusive and highly rare opportunity to achieve that.”
According to its realestate.com.au listing, the home offers an unparalleled lifestyle in a prime location.
“A statement in contemporary apartment living, Penthouse 302 delivers an enviable combination of grand proportions, architectural refinement and beautifully curated interiors, complemented by expansive private terraces and captivating leafy outlooks,” the listing reads.
“Designed to embrace both the art of entertaining and the luxury of everyday living, this remarkable residence offers an elevated lifestyle rarely found within Adelaide’s apartment market.”
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The home offers 270sqm of internal living space and has three bedrooms, with the master suite having a spacious walk-in robe that leads to both its own private terrace and a spacious ensuite with a large shower and feature bath.
The penthouse also has a study, an open-plan kitchen living and dining room, and a separate living room.
Both of these spaces open out to a 181sqm entertainer’s terrace that spans the property’s eastern and southern facades, offering views out over both the city and hills.
For car lovers, it comes with four dedicated parking spaces, as well as a storage cage.
Rose Park Apartments is a boutique collection of 16 homes developed by CapPru.
With the penthouse’s scale, and limited scope for apartment development in the suburb, Mrs Williams said it is unlikely Rose Park will see another apartment residence of this size.
She said prestige Adelaide property’s rarity relative to the demand for it was not only keeping prices up, but also driving them higher.
Real estate agent Stephanie Williams. Picture: Roy VanDerVegt
“Some of these properties, people have been waiting for years to come up, and whether interest rates are high or low, they’re going to buy them regardless,” she said.
Mrs Williams said unprecedented economic times often drove people to the prestige market.
“In uncertain times it makes them engage with property and they start to think: ‘I’ll invest in my principal place of residence because I’m spending a lot more time here and I don’t want to travel because of all of the global uncertainties’, and they’re happy to pay for it,” she said.
Real Estate Institute of South Australia chief executive Andrea Heading said the areas that seemed to be weathering the current market correction better than others were the all tightly-held and sought-after with a particular type of property – and mainly on larger blocks.
She said the top end of the market was holding up better than the lower end through the downturn.
“What we’re expecting is for the market to balance out a little but it’s harder when there are those unique price points,” she said.
Ms Heading said househunters could expect to see more prestige properties hit the market in sought-after areas as it moved into peak selling season.
“There are some really beautiful properties that have been listed,” she said.
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