Salute to a Randwick Icon
Randwick’s Swan Isle is a meticulously restored heritage estate. With a $14 million guide, the palatial residence blends Victorian grandeur with modern luxury.
2 min
As local legend has it, retired Colonel William Farrell Commanding Officer of the first infantry regiment, stood on the balcony of his new Randwick residence back in 1906 and watched his soldiers parade by, saluting his honour.
Today, more than a century later, Swan Isle itself deserves a salute as it remains one of Sydney’s most meticulously maintained heritage addresses.
The 1349sq m estate in Randwick made an appearance on the market in early 2024, at the time asking $20m – a figure that would have eclipsed the suburb price record of $14.35 million set that same year.
Ray White Double Bay’s Kate Smith, and principal Elliott Placks, have brought the palatial seven-bedroom home back to market with a new campaign and an amended guide of $14 million.
The $6 million price correction may seem significant, but the eastern suburbs’ prestige property scene evidently sets its own pace.
Just last week the period residential estate Iona in Darlinghurst – once owned by Hollywood elite Baz Luhrman and Catherine Martin – sold for top dollar after an apparent $13 million “discount”.
That heritage estate had been marketed unsuccessfully in 2024 with a $40 million guide, was then slashed to $27 million at the start of this month, but sold in just 12 days for $37.5 million.
Since Swan Isle last sold in 2002 for $2.02 million, the two-storey home at 87 – 89 Darley Rd has been lovingly restored by the current owners and retired hoteliers, Robert and Mary Lou Richards.
The Richards were the publicans of The Strand, in Darlinghurst in 1992 and the Rocksia in Rockdale between 2012 and 2020.
After Colonel Farrell and his wife Frances raised five children at the historic home, the property was later used by St Jude’s Anglican Church for monthly services.
By the mid-20th century it became a private hotel and was then returned to private hands in 1960.
Inside, the stately residence expertly balances period charm and contemporary convenience with formal and casual living rooms featuring high ornate ceilings, chandeliers, polished timber floors and intricate lead light windows.
There are also original fireplaces and bespoke joinery that has been crafted to suit the home’s Victorian past, while modern upgrades include a modern kitchen with stone surfaces, Ilve and Miele dishwasher and a butler’s pantry.
All seven bedrooms are spread across both levels, plus two of the four bathrooms have elegant freestanding tubs and dual vanities.
In addition to multiple entertainment spaces downstairs, the upper floor houses a study, media room, billiards room and several balconies capturing panoramic views of Centennial Parklands and the city skyline.
Outside, the expansive grounds are home to manicured gardens befitting the romantic era, and more 21st century inclusions such as a barbecue area, a heated swimming pool, and a self-contained pool house that doubles as a studio.
The block has dual street access with Huddart Lane and there is an automated four-car garage with ample storage.
Swan Isle is close to Royal Randwick Racecourse, Allianz Stadium, Moore Park Golf Course, the Entertainment Quarter and the SCG.
Swan Isle at 87-89 Darley Rd, Randwick is listed with Kate Smith and Elliott Placks of Ray White Double Bay. It is listed via private treaty with a $14 million price guide.
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As interest rates, inflation and market sentiment fluctuate, investors are being urged to focus on data, not panic.
Australia’s housing affordability crisis is being fuelled by chronic undersupply, planning delays and rising development costs, as politicians continue to focus on the wrong solutions.
3 min
Australia’s housing crisis will not be solved by first-home buyer incentives or tax changes alone, with leading property figures warning governments must tackle supply constraints if affordability is to improve.
Speaking at the Kanebridge Quarterly Property Leadership Summit in Sydney last week, expert project marketing specialist Sam Elbanna, property investor and fund manager Paul Miron and property consultant Karla McNeice said that a lack of housing supply remained the central issue facing the market.
Elbanna, Director of CPM Realty with more than 30 years’ experience in project sales, argued that successive governments had focused too heavily on stimulating demand rather than addressing the barriers preventing new housing from being delivered.
“The misconception is that politicians think the way to solve the housing crisis is to drive demand,” he said.
“The reality is that’s not the way. This is a supply-side problem, and it needs to be solved on the supply side.”
Drawing on his experience in project sales, Elbanna said policies designed to help first-home buyers often had unintended consequences, pointing to previous grants that ultimately flowed through to higher property prices.
Instead, he said developers were facing increasing red tape, approval delays and rising costs, which were discouraging new housing supply.
“In the absence of stock, demand exceeds supply,” he said.
Miron, a Co-Founder and Fund Manager of Msquared Capital, said the housing debate had become overly focused on tax policy while overlooking broader structural issues.
He argued that affordability challenges stemmed from a combination of factors, including planning constraints, supply shortages, migration levels and interest rates.
“No-one can be 100 per cent certain on the real reason for property prices is going up,” he said.
“The reason why property prices are higher is a combination of interest rates, lack of supply, migration, vacancy rates and maybe taxes play a role.”
Miron was critical of recent federal housing policy changes, warning they could reduce the number of new homes being built and further constrain supply that was even highlighted in the budget.
He also highlighted the importance of the property sector to the broader economy, noting that residential real estate and related industries employed more than one million Australians.
McNeice, who advises developers on sales strategy and market intelligence, said understanding buyers had become increasingly important as affordability pressures intensified.
While affordability remained a major consideration, she said today’s buyers were focused on value rather than simply price.
“People are looking for value for money,” she said.
She said buyers were increasingly evaluating factors such as transport connections, walkability, nearby amenities and flexible living spaces that could accommodate changing family needs.
“What infrastructure is going on? Can I walk to the shops? Can I meet people at the local cafe?” she said.
The panel also discussed the mounting pressures facing developers, with Elbanna arguing that many projects become financially unviable from the moment a site is purchased.
“The viability of a development happens at the moment the site is bought,” he said.
He said rising construction costs, higher interest rates and overly optimistic feasibility assumptions had left some developers exposed as market conditions changed.
While acknowledging the growing number of smaller and first-time developers entering the market, Elbanna said property development required expertise across finance, construction, marketing and legal disciplines.
“It is actually a business that requires a level of expertise,” he said.
Looking ahead, the panel agreed opportunities remained in the market despite current challenges.
Miron said property should continue to be viewed as a long-term investment and cautioned against trying to time short-term market movements.
McNeice said success would increasingly depend on identifying projects that genuinely met changing buyer expectations.
Elbanna said affordable housing remained achievable, but developers needed to deliver more than just homes.
“We can provide affordable housing in this country,” he said.
“But we’ve got to wrap that affordable housing with the things that people want.”
As Australia’s housing affordability debate intensifies, the panellists agreed on one point: without a meaningful increase in housing supply, demand-side measures alone are unlikely to solve the nation’s property challenges.
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