Salute to a Randwick Icon

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.

Victorian auction buyers will soon receive a piece of information that has traditionally been withheld until bidding reaches it: the vendor’s reserve price.

Under new property-sale and underquoting laws, agents must publish the agreed reserve at least seven days before an auction or fixed-date sale. Most changes begin on 1 October 2026 and apply to auctions and fixed-date sales held from 16 October.

The reserve must be presented as a single dollar amount. Advertising and the new Property Price Statement must be updated to match it, without qualifiers such as “from”, “over” or “starting at”. If the reserve has not been published seven days before the scheduled sale, the auction or fixed-date sale cannot proceed and penalties may apply.

For buyers, the immediate benefit is clearer budget discipline. A purchaser should be less likely to pay for inspections, strata reviews, contract advice and loan preparation on a property whose seller will not accept a price within the advertised range.

That does not mean the published reserve predicts the result. Competitive bidding may still carry a property far beyond it. Nor does it remove the need to value the property independently. The reserve is the seller’s minimum at that stage of the campaign, not an expert statement of market value.

The Statement of Information will be replaced by a more prominent Property Price Statement. Agents must disclose key features of the property and of the comparable sales used to support the quoted price. Where three appropriate comparables cannot be identified, one or two must be supplied if they exist.

Sold-price transparency will also increase. Agents must add the unconditional sale price to the Property Price Statement within seven days and keep that statement available publicly for at least 18 months, subject to limited exemptions including personal or family-violence concerns.

Later changes will require Section 32 vendor statements to be made available earlier, including at least 14 days before an auction or fixed-date sale from June 2027. From July 2027, agents will be prevented from taking commission from deposits released before settlement.

Vendors and agents will need to adjust campaign strategy. Setting a reserve earlier may reduce last-minute flexibility and make price expectations more visible to competing buyers. Some vendors may prefer private treaty campaigns, although those sales remain subject to broader pricing and disclosure laws.

For buyers, the practical response is not simply to bid up to the disclosed reserve. Use it as one data point alongside comparable sales, building and pest reports, owners-corporation records, planning constraints and finance approval. Decide on a maximum before the auction and do not confuse the seller’s minimum with your own valuation.

Key dates

– 1 October 2026: Most new rules commence
– 9 October 2026: First reserve disclosures may be required for sales on 16 October
– 16 October 2026: New reserve rules apply to auctions/fixed-date sales from this date
– 1 June 2027: Earlier Section 32 availability begins
– 1 July 2027: Restrictions on commission from released deposits begin
– 1 December 2027: Broader sold-price reporting to Consumer Affairs begins

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.