A penthouse sale in South Melbourne has reset price expectations for the suburb, revealing the premium buyers are willing to pay for scale, views and long-term certainty.
The penthouse within R.Iconic, a South Melbourne tower developed by R.Corporation, has set a new price benchmark for the area.
Forming part of the building’s premium collection, the penthouse sold for an approximate $6 million in December 2025.
The distinctive L-shaped building is changing Melbourne's skyline as the precinct continues to be developed. Picture: realestate.com.au
According to the developer, the buyer had considered several other high-end apartment options across Melbourne before choosing R.Iconic, motivated by a combination of water views and access to surrounding parklands – features which cannot be built out.
Construction on R.Iconic commenced in 2020 and was completed in 2023. The 31-storey tower comprises 451 apartments and has been positioned as a lifestyle-focused development, offering residents access to a wide range of shared amenities designed to support wellness, recreation and entertaining.
These include landscaped private podium gardens, a fully equipped gymnasium, an outdoor infinity pool, a fitness station and running track, a zen garden and an adventure playground.
Premium collection residents also enjoy exclusive access to the Horizon Lounge, offering panoramic views and spaces designed for entertaining or quiet retreat.
The broader precinct vision was another drawcard for the buyer, according to R.Corporation, with further enhancements planned across the two-tower development.
The second tower, R.Evolution, is currently under construction.
Inside the penthouse
The three-bedroom, three-bathroom penthouse itself was designed to sit firmly at the top end of the market, with a suite of luxury inclusions that help explain its approximate $6 million price point.
Features include a dramatic double-level void, Gaggenau appliances, a walk-in butler’s pantry with an integrated wine cabinet, marble benchtops, bronzed glass detailing and timber flooring throughout.
The interior design of the penthouse, along with other residences in the premium collection, was overseen by award-winning designer David Hicks.
The sale also stands well above the broader South Melbourne apartment market.
According to PropTrack data, the suburb’s median unit price currently sits at $580,750, down 2.2% over the past 12 months. In contrast, South Melbourne’s median house price has climbed to $1.7 million, marking an 11.4% increase over the same period.
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