Top 50 homes NSW: Readers say million dollar homes are ‘overrated’
A recent report on the top 50 homes in NSW has stirred debate about what constitutes a great home, with some of Sydney’s $100m mega mansions failing to impress. SEE THE FULL RANKING
NSW
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They may have picture perfect Harbour views and gargantuan amounts of living space but some of Sydney’s $100 million mega mansions have been met with a meh from the general public.
The properties were recently ranked in a Daily Telegraph exclusive as among NSW’s top 50 homes but a reader poll showed some of the priciest properties were considered “overrated”.
One of the mansions flagged as particularly overrated was the Double Bay waterfront estate Elaine.
The historic mansion was snapped up by billionaire tech entrepreneur Scott Farquhar, the co-founder of Atlassian, for about $71 million in 2017 and is due to undergo about $30 million in improvements.
The home was considered a controversial choice near the top of the rankings possibly because the waterside location and block size were the main determinant of the price, not the condition.
Another pricey property considered “overrated” was Point Piper mansion Edgewater, which sold in September for $95 million.
The property with nearly 40m of water frontage was voted as overrated by close to 60 per cent of readers.
It is doubtful this will impact the new owners. Selling agent Michael Pallier of Sydney Sothebys International said buyers with the funds to spend this kind of money often looked at real estate differently.
“Something like $95 million is not a lot of money if you’re billionaire,” he said. “Some (wealthy buyers) have boats worth more than that.”
James Packer’s former Vaucluse home, which broke price records in 2015 when it sold for $70 million, was deemed overrated by a similar measure to Edgewater.
But most readers polled agreed with Mr Packer’s taste in apartments.
The billionaire businessmen smashed the apartment sales record in 2018 when he paid $60 million for the penthouse atop the Crown Casino building undergoing construction in Barangaroo.
A good share of the public actually felt the penthouse was actually underrated.
Feedback from the public has also raised an animated debate about what constitutes a “best home”.
Many of the homes featured in the top 50 homes ranking were not about size or budget and more about the innovations and solutions designers and architects used.
Sustainability was also a strong theme, whether it was choosing recycled materials, paying attention to passive solar design and cross ventilation or the addition of rainwater tanks and solar panels to take the pressure off the grid.
But in other houses price was a factor. Sydney is home to at least five houses with an estimated value above $100 million and some have a labyrinth of rooms across more than 1000 sqm of floorspace. It is difficult to look past that.
Others had a rich history dating to the Victorian or convict era – stories that have often hooked big spending celebrities and billionaires.
What’s important to YOU in a home? Check out the top 50 homes ranking and rate whether you agree or disagree with the choices.