The Most Expensive Houses in Sydney [2023]
4 min
Property prices across the nation have risen at unprecedented rates – including within the prestige property market. Sydney’s east continues to dominate the prestige market with four of three of the top five properties sold this year in the blue ribbon enclave of Point Piper.
See the full list below.
29A Wulnulla Road, Point Piper, Sydney, NSW: $37 million
What was one of the more ludicrous headlines of the year, a boatshed located in Sydney’s blue-ribbon enclave of Point piper was sold for just under $40 million, which, at the time of selling, became the most expensive property sold that year.
The two-storey boatshed is set on almost 2000sqm and is complete with a harbourside swimming pool on grounds and one of the largest private marina berths on Sydney Harbour.
More than a boatshed, it holds accommodation on the upper level and, importantly, a DA to convert the property into a house, recently approved by Woollahra Council.
1 Wingadal Place, Point Piper, Sydney, NSW: $40 million
Freight boss Terry Tzaneros purchased the five-bedroom home in the coveted suburb of Point Piper in April for a price between $38 and $40 million. It’s here that the home occupies one of only three absolute waterfront properties on Wingadal place.
Positioned on 961-square-metres of land, the home boasts alfresco terraces, two kitchens and a poolside studio/cabana alongside an expansive entertaining area set on grounds landscaped by Craig Burton.
The home offers elements of alluring modernism with a vaulted copper ceiling on the top level, while its opulent details cascade down to the waterline.
Wolseley Road, Point Piper, Sydney NSW: $40 million
Sydney Football Club chairman Scoot Barlow has sold his non-waterfront Point Piper home in April for around $40 million.
Nick O’Kane, an executive at Macquarie Bank purchased the home on his return to Australia.
Sat atop the hill at Wolseley Road with an aspect overlooking the water and Sydney harbour comes the striking, four-level residence.
Designed by renowned architects Tzannes and Associates, it’s a modern, alluring residence in Sydney’s dress circle.
Fairwater, Point Piper, $100 million
In 2018, Australian tech-billionaire Mike Cannon-Brookes and his wife Annie bought what was at the time Australia’s most expensive house, Fairwater. The historic purchase ended more than a century of Fairfax family ownership. With the sale of the 1.12-hectare estate (the largest privately held property on Sydney Harbour), exchanging in just over two weeks for $100 million. The home was last traded in1901 for £5350 by Sir John Fairfax.
Edgewater, Point Piper $95 million
In 2020, the Wolseley Road property in Sydney’s blue-ribbon locale of Point Piper sold for $95 million, becoming the second most expensive house sale on record. The property, known as ‘Edgewater’ has a rare 40-metre harbour frontage, directly in front of the Harbour Bridge and Sydney Opera House.
Elaine, Point Piper, $71 million
Joining this list is fellow Atlassian co-founder and billionaire Scott Farquhar, with yet another Fairfax family estate, Elaine. The historic property, which boasts 6986sqm in Sydney’s most expensive enclave features seven bedrooms and five bathrooms on Seven Shillings Beach. Previously the home had been owned by the Fairfax family since 1891.
La Mer, Vaucluse, $70 million
James Packer’s off-market exchange for the vast, six-storey monolith in 2015 set an Australian house price record at the time. Set across 3345sqm, with views of Sydney Harbour, La Mer was sold to Dr Chau Chak Wing — owner of Chinese property development company Kingold Group — and features a glassed -in garden area, home gym, workout room, cinema with space or 20 people and a garage for 20 cars.
Phoenix Acres, Vaucluse, $65.25 million
The grand proportions of Phoenix Acres, Vaucluse is typified by its 81-metre-wide water frontage attached to a 3731sqm parcel with 6-bedroom, 6-bathrooms and a triple garage. Other luxurious amenities include the lavish master suite, tennis court, resort-style pools and grand dining room with harbour view terraces. The property was sold in 2017 to hotel mogul Dr Jerry Schwartz.
Ganeden, Vaucluse, $62 million
Rounding out the list is corporate lawyer John Landerer’s Vaucluse mansion, Ganedan, selling for more than $62 million in 2022. The exact figure on the sale will be left to settlement, with the home finally finding a new owner after three years on the market. The property, which is built on a consolidated site from three houses between Wentworth Road and Vaucluse Road also the second most expensive non-waterfront sale, following La Mer, further up this list.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Philip Lowe’s comments come amid property industry concerns about pressures on mortgage holders and rising rents
2 min
Leaders in Australia’s property industry are calling on the RBA to hit the pause button on further interest rate rises following yesterday’s announcement to raise the cash rate to 4.1 percent.
CEO of the REINSW, Tim McKibbin, said it was time to let the 12 interest rate rises since May last year take effect.
“The REINSW would like to see the RBA hit pause and allow the 12 rate rises to date work their way through the economy. Property prices have rebounded because of supply and demand. I think that will continue with the rate rise,” said Mr McKibbin.
The Real Estate Institute of Australia today released its Housing Affordability Report for the March 2023 quarter which showed that in NSW, the proportion of family income required to meet the average loan repayments has risen to 55 percent, up from 44.5 percent a year ago.
Chief economist at Ray White, Nerida Conisbee, said while this latest increase would probably not push Australia into a recession, it had major implications for the housing market and the needs of ordinary Australians.
“As more countries head into recession, at this point, it does look like the RBA’s “narrow path” will get us through while taming inflation,” she said.
“In the meantime however, it is creating a headache for renters, buyers and new housing supply that is going to take many years to resolve.
“And every interest rate rise is extending that pain.”
In a speech to guests at Morgan Stanley’s Australia Summit released today, Governor Philip Lowe addressed the RBA board’s ‘narrow path’ approach, navigating continued economic growth while pushing inflation from its current level of 6.8 percent down to a more acceptable level of 2 to 3 percent.
“It is still possible to navigate this path and our ambition is to do so,” Mr Lowe said. “But it is a narrow path and likely to be a bumpy one, with risks on both sides.”
However, he said the alternative is persistent high inflation, which would do the national economy more damage in the longer term.
“If inflation stays high for too long, it will become ingrained in people’s expectations and high inflation will then be self-perpetuating,” he said. “As the historical experiences shows, the inevitable result of this would be even higher interest rates and, at some point, a larger increase in unemployment to get rid of the ingrained inflation.
“The Board’s priority is to do what it can to avoid this.”
While acknowledging that another rate rise would adversely affect many households, Mr Lowe said it was unavoidable if inflation was to be tamed.
“It is certainly true that if the Board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates,” he said.
“But this short-term gain would have been at a much higher medium-term cost. If we had not tightened monetary policy, the cost of living would be higher for longer. This would hurt all Australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down.
“So, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
