Boutique Melbourne developer Piccolo has just set a new record for price per square metre in Elwood, securing $2.95 million off-the-plan for the penthouse at its latest development, Elwood House. At 172.2 square metres, the penthouse's price equates to more than $17,000 per square metre, which is well above the average $12,500 square metre rate in the neighborhood.

Chisholm & Gamon managing director Torsten Kasper said the purchaser wishes to remain anonymous, but said it was a professional couple in their mid 50s and downsizing from their family home. “Size is the new luxury in the market right now," said Kasper. “We had three purchasers vying for the penthouse on opening weekend, all taken by the expansive internal size and wrap around north-facing terrace that is a rarity here in Elwood.”

Designed by Woods Bagot and with interiors by Hecker Guthrie, Elwood House's apartments are all the same, with no upgrades as such. This means the interiors of the penthouse are the same as the other apartments, but obviously a much bigger size. Construction on the project will begin in July.