- Only Hong Kong has a more expensive housing market than Sydney
- Point Piper alone has a median house price of $10 million
- Two properties have sold for over $100 million each during the last five years
Sydney is home to some of the most expensive real estate in the world.
Boss Hunting recently named Sydney the world’s second most expensive housing market, one behind Hong Kong.
Demographia’s International Housing Affordability (2022 Edition) noted that the median house price in Sydney is 15 times the average household income. By comparison, Hong Kong is 23 times the average household income.
Asking house prices in Sydney have gone up significantly since the beginning of the last decade, although they have declined recently. Nonetheless, prices are around $1.6 million for houses, according to SQM Research.
Greater Sydney
But what about the upper end of the market?
Both Hong Kong and Sydney are world renowned for playing host to some of the most prestigious properties only the wealthiest of the wealthy can even dare dream of.
While Hong Kong has The Peak, Sydney has the Eastern Suburbs, including Point Piper, which has been home to many of the top sales in Sydney over the past decade.
Due to secrecy surrounding sales in these select suburbs, an accurate median or average house sales price isn’t easily attainable. However, CoreLogic estimates Point Piper’s median house price to be around $10 million, with the unit and apartment price in the vicinity of $4.33 million.
Suffice it to say, if you had the money for a Point Piper apartment, you might be wondering if it’s worth the hype or whether a portfolio of properties at more sensible prices is the way to go.
What is an expensive home?
In Herron Todd White’s (HTW) Month in Review, it was noted that: “Prestige properties in Sydney are generally considered to be those with a value in excess fo $5 million.” The definition varies a bit, the report noted, with some suburbs posting medians well above $5 million, and some seeing $3 million homes called prestige.
Sydney’s most expensive home values slide
Updated 30/01/2023:
Some of Sydney’s most prestigious addresses saw values tumble. HTW said the top quartile of properties saw its largest decline in value in 2022. This sounds like the top end of Sydney’s property reflected what was happening on the national scale, with figures from CoreLogic in January 2023 showing Australian home values recorded the largest decline on record.
That said though, home above $5 million comprise a small subset of the top quartile, HTW said these homes are less sensitive to interest rate movements. The report also noted these homes have seen softening but the decline in stock has somewhat offset the reduced demand.
What is the most expensive home in Sydney?
Back in 2019, a penthouse and sub-penthouse at Lendlease’s One Sydney Harbour (main image) were sold in one-line for $140 million – an Australian record.
Despite Covid, Lendlease’s Head of Apartments, Development at Lendlease, Dan Dugina, told The Property Tribune he believes the record still stands, noting most of the residences at the multi-billion dollar development have been sold.
“One Sydney Harbour has made its mark as one of the most luxurious residential addresses in the world, achieving sales that are comparable with the most exclusive apartments in New York and London,” said Mr Dugina.
“Since (the sale), we’ve continued to receive strong and steady sales success, with Residences One and Two more than 85 per cent sold, which includes all penthouses and skyhomes.”
The property includes nine-bedrooms, over 1,600 square metres of curated living space, and an eight metre-high-ceiling. The buyer was a local, and the sale price equates to over $100,000 per square metre.
“Our newly acquired development at One Circular Quay will once again elevate Sydney’s real estate market on the global stage and further build off the sales momentum of nearby One Sydney Harbour.
“The success of One Sydney Harbour is a testament to the strength and resilience of the Sydney residential market and speaks to the high demand from buyers who recognise this once-in-a-generation opportunity.”
Sydney’s most expensive home in 2022
Updated: 30/01/2023
3 Lindsay Avenue, Darling Point, Sydney, NSW
The most expensive house in 2022 was indeed a house, unlike in 2021. Curiously, the home is similarly proportioned and priced.
The 2022 most expensive house was sold for $60 million in March, situated on 2,587 square metres of land and offering 70 metres of harbour frontage. That compares to last year’s 2,400 square metre Castlereach Street apartment which also sold for $60 million.
The Darling Point address comprises five bedrooms, five bathrooms, self-contained secondary dwelling, covered car parking for six cars, pool, boathouse, and timber jetty.
According to HTW, the property was sold through Agency by Alison Coopes, and according to Domain, the property was last sold by private treaty for $32 million in October 2013. Domain data shows the property was first listed in November 2018 through Ray White Double Bay for $70 million.
Sydney’s most expensive home in 2021
Apartment on Castlereagh Street, Sydney, NSW
The most expensive property sold in 2021 was actually not a house, but rather, an apartment on Castlereagh Street in the CBD.
Located at the top of the ANZ commercial office tower, the three-floor four-bedroom apartment spans 2,400 sqm and has its own private car park and express lift. Along with a rooftop pool, it features a cabana lounge and has sweeping 360-degree views of the majestic city of Sydney.
It was purchased by Ian Malouf, founder of waste management company Dial-A-Dump which he sold in 2018 for $578 million. Mr Malouf purchased the apartment for $60 million, making it the highest amount paid for a completed penthouse in Australia, to date.
Sydney’s most expensive house in 2020
42 Vaucluse Road, Vaucluse
According to realestate.com.au data, the most expensive house sold in 2020 was 42 Vaucluse Road, Vaucluse, which sold for $24.6 million on 26 September 2020.
The five bedroom-five-bathroom property sits on a 1,085 sqm block of land which has a 180-degree view of Sydney Harbour – including the Harbour Bridge, Opera House, CBD skyline and North Sydney.
Along with three storeys of living space, the residence boasts a tennis court, an indoor/outdoor heated lap pool and tropical gardens.
The property previously sold for $11.33 million in July 2013 – a relatively small loss – given it sold for $11.7 million in June 2012, according to Proptrack.
Sydney’s most expensive house in 2019
22a Tivoli Avenue, Rose Bay
Another five-bedroom, five-bathroom house took the top place in 2019 as the most expensive sale in 2019.
22a Tivoli Avenue, Rose Bay sold in May 2019 for $22.6 million. The sale price represents a handsome return for the vendors, given it was acquired for $13.5 million in September 2009 after being on the market for 183 days.
Located on a 1,800 sqm block, it is one street back from the harbourfront and has views of the Opera House and Harbour Bridge.
Sydney’s most expensive home in 2018
560 New South Head Road, Double Bay
The most expensive property sold in 2018, by far, was Fairwater in Point Piper.
Atlassian’s Mike-Cannon-Brookes and his wife Annie purchased the house for a reported $100 million from the Fairfax family, following the death of Lady Mary Fairfax in 2017.
This is the most ever paid for a house in Australia. Excluding palaces and similar types of property, it is also believed to be one of the most expensive private homes in the world.
The 1.12 hectare estate at 560 New South Head Road, Double Bay is heritage listed.
Sydney’s most expensive home sold in 2017
550 New South Head Road, Point Piper
Elaine, owned by Atlassian’s other co-founder, Scott Farquhar, purchased Elaine in Point Piper for $71 million. Like the Cannon-Brookes’ home, it was also owned by the Fairfax family.
The house, built in 1863, has seven bedrooms and five bathrooms and sits on a 6,986 sqm estate. The Fairfax family had turned down many higher offers from developers but John Brehmer Fairfax wished to sell the property in one line.
Along with its own beach, the mansion has a tennis court and ballroom, but unlike the Cannon-Brookes home, it is not on a state heritage register or with the National Trust.
At the time of purchase, the home had been reportedly left vacant for nearly 20 years.
Sydney’s most expensive home in 2016
54-56 Wunnulla Road, Point Piper
Altona in Point Piper was purchased in 2016 for $60 million. The 54-56 Wunnulla Road home is coincidentally next door to Malcolm Turnbull’s home (on the left in the above image) who notably was Prime Minister at the time of the sale.
The Huang family placed a caveat on the property’s title following the purchase.
The property was acquired from the Wang family, who purchased the home for $52 million in 2013.
It is a Victorian Italianate-style home and sits on a 2,400 sqm holding. A proposed subdivision sale of a vacant $18 million tennis court did not go ahead due to neighbourhood objections.
Sydney’s most expensive home in 2015
40 Wentworth Road, Vaucluse
The most expensive home sold in 2015 was La Mer in Vaucluse, which James and Erica Packer sold for $70 million.
Located at 40 Wentworth Road in Vaucluse, the property was sold as part of the Packer’s divorce settlement.
The house is six-storeys and was built by architect Guilford Bell, with a redesign conducted by Tzannes Associates.
Several properties were acquired by Mr Packer to create the 3,300 sqm estate, reportedly costing $30 million. The build itself is believed to have cost $40 million, making it unlikely Mr Packer made a profit on the property.
Sydney’s most expensive home in 2014
63-67 Wolseley Road, Point Piper
Villa Del Mare, 63-67 Wolseley Road, Point Piper, was sold in October 2014 for $39 million, the most expensive home in Sydney that year.
The six-bedroom eight-bathroom house was acquired by Chinese billionaire Hui Ka Yan, however, was sold the following year after receiving a divestment order from then Treasurer Joe Hockey due to breaking foreign investment rules surrounding residential property.
Mr Hui is the chairman of the board of the troubled Evergrande Group and Communist Party secretary.
Sydney’s most expensive home in 2013
9 Wolseley Crescent, Point Piper
Known as the “Bang and Olufsen house” due to resembling a hi-fi sound system, this Wolseley Crescent home was the highest recorded in Sydney in 2013.
The 1,414 sqm home was sold for $33.5 million, with the buyer unknown but rumoured to be Yafu Qiu of Shandong Ruyi, a Chinese textile giant. Elton John has reportedly expressed interest in acquiring the property and is credited with the nickname.
It was previously purchased for $24 million in April 2006 and $11.25 million in 1990.
Not much is known publicly about the interiors of the house, but it does have a pool.
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To find out more about the most expensive houses in the other capital cities, check out the below:
What Is The Most Expensive House In Melbourne?
