How Australia’s most expensive house went from $1m to $130m
In December 1978, a mystery buyer offered $1.5 million for a mansion in Elizabeth Bay. The sale kick-started Australia’s obsession with record-breaking luxury homes.
It’s almost unthinkable now, but there was, in fact, a time in Sydney’s history – and the whole of Australia’s – when not a single house had sold for $1 million.
But that all changed in December 1978, when a mystery buyer offered $1.5 million for what was then seen as Australia’s best property in the most sought-after position in Sydney.
Ingrid Fuary-WagnerExplainer editorIngrid Fuary-Wagner is the AFR's explainer editor, based in Sydney. She previously wrote about property and before that was news editor at Domain. Connect with Ingrid on Twitter. Email Ingrid at ingrid.fuary-wagner@afr.com
Bonnie CampbellLuxury property reporterBonnie Campbell is the luxury property reporter at The Australian Financial Review Email Bonnie at bonnie.campbell@afr.com
