Out of the poorhouse, back in the penthouse

Tonight in Melbourne will the see the launch of what must be one of the most extravagant marketing campaigns to sell an apartment in Australian property history.

According to The Age, three celebrity chefs, including George Calombaris, star of Masterchef, will hold a special cooking demonstration using the twin kitchens to the penthouse apartment of The Melbournian, an exclusive apartment block on Melbourne’s St Kilda Road.

Apparently about 50 guests will attend the launch and check out the ritzy pad, which has a private roof garden, a heated lap pool and an observation deck. The paper says that model Kasia Zachwieja has been used in one of the two YouTube films that have been shot to promote the sale.

The apartment, which sold off the plan for $5 million in 2000, is expected to fetch more than $10 million.

Now this is obviously a pretty special property, so it would attract a big price tag in any economy, providing the right buyer fell in love with it.

But the fact that the agents are prepared to pump so much money into the marketing campaign shows that property expects are convinced that the rich are ready to spend again.

And that’s yet another sign that economic recovery is getting closer.