Sydney has cemented its status as a playground for the world’s wealthiest people, pulling in record mansion sales over 2018 and the first ever A$100 million house purchase.
The Harbour City’s 20 highest home sales accounted for a record A$675 million in transactions this year, which included five transactions above A$35 million (US$25 million).
This put Sydney ahead of other global destinations such as Miami, Tokyo, Paris and Dubai for ultra-prestige sales.
The only cities with more house sales over A$35 million were New York, London, Hong Kong, Los Angeles and Singapore, according to a report by global real estate group Knight Frank.
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Auckland's highest house sale this year was 15 Cremorne Street, in Herne Bay, which went for NZ$27.5 million.
The average value of the Sydney transactions above A$35 million was A$43.8 million — higher than the average value of ultra-prestige sales in London and New York and behind only Hong Kong and Singapore.
The previous record for an Australian house sale was the A$71 million paid for Point Piper mansion Elaine.
Sydney’s high standing among world cities was driven by strong activity in prestige lower north shore and eastern suburbs.
Mosman had a total A$1.4 billion in real estate transactions this year — more than any suburb in the country — while Vaucluse and Bellevue Hill together had more than A$1 billion in sales.
Knight Frank head of residential Sarah Harding said water views were one of Sydney’s biggest draws for the world’s rich.
“In a global market, Sydney remains the destination of choice for high net worth individuals due to a number of factors including the lifestyle and relative political stability,” Ms Harding said.
Rona in Bellevue Hill was purchased for A$58 million.
The harbour was another undeniable factor, with Sydney’s waterfront properties commanding the biggest premium relative to similar inland properties in the world, according to Knight Frank.
“Homeowners view for the finest views of the Harbour Bridge and Opera House as it offers sprawling vistas of, and access to, one of the world’s best waterways,” Ms Harding said.
The highest sale of the year was the estimated $100 million paid for Fairwater, a palatial estate in Point Piper.
Atlassian co-founder Mike Cannon-Brookes was believed to have paid cash for the 1.12ha property. It is the largest privately-owned harbourside landholding and is directly next door to mansion Elaine, which was purchased by Mr Cannon-Brookes’ business partner Scott Farquhar for $71 million in 2017.
Mr Farquhar’s had previously set the record for an individual Australian house purchase.
The A$100 million sale broke not only Farquhar’s record but was also higher than the priciest amalgamated site — the A$80 million Menulog founder Leon Kamenev paid for three adjoining Vaucluse properties in 2016.
Bellevue Hill trophy home Rona was Sydney’s and the country’s second highest house sale for the year at A$58 million. It was purchased by businessman Richard Scheinberg.
This Vaucluse mansion sold for A$39 million.
Rubicon founder Gordon Fell’s sale of Point Piper architectural marvel Routala was the third highest sale.
The final price for the estate about seven houses down from former Prime Minister Malcolm Turnbull’s Tuscan-style home on Wunulla Rd has not been disclosed but local agents reported it was likely A$49 million.
In nearby Rose Bay, retail magnate Brett Blundy sold a waterfront property on Bayview Hill Rd for about A$45 million to Sylvia Myers, wife of financial adviser Lawrence Myers.
Mr Blundy had bought the home for A$33 million in 2013, sales records showed.
Other notable sales included the A$39 million paid for a Luigi Rosselli-designed home on Coolong Rd in Vaucluse — once rented by Leonardo DiCaprio during the shooting of the Great Gatsby — and the A$31 million sale of a nearby waterfront home on Carrara St.
Melbourne was the only other Australian city with sales above A$35 million this year, with a Toorak mansion selling for A$38.8 million and a home in nearby Malvern breaking the city’s price record at A$52.5 million.
Prestige real estate agent Ben Collier of the Agency, who brokered many of the biggest property deals this year, said pent up demand helped push the market to new highs.
This encouraged Sydney’s wealthiest buyers to finally make a move on a new home, he said.
“Many of these people were already living in great homes,” Mr Collier said.
“They weren’t going to move unless something truly captured their attention but what we’re seeing now is more generational homes finally come onto the market … they’re selling in just three or four weeks. There’s usually no mortgages so the banks are never involved.”
PRICIEST SALES OF 2018
1. Fairwater, Point Piper — A$100m
2. Rona, Bellevue Hill — A$58m
3. Routala, Point Piper — A$49m
4. 19 Bayview Hill Rd, Rose Bay — A$45m
5. Coolong Rd, Vaucluse — A$39m
6. Carrara Rd, Vaucluse — A$31m
7. Victoria Rd, Bellevue Hill — A$30.5m
8. 6 Bayview Hill Rd, Rose Bay — A$30m
9. Loch Maree, Vaucluse — A$29.5m
10. Campbell Parade, Bondi Beach — A$29m
