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 was The Australian Financial Review’s explainer editor.
Bonnie CampbellLuxury property reporterBonnie Campbell is the luxury property reporter at The Australian Financial Review Email Bonnie at bonnie.campbell@afr.com
