Maroubra clifftop mansion sells for $18.45 million, smashing suburb’s record

A Sydney beachside property that has been on the market for almost two years has sold for an eye-watering price, smashing a local record.

A clifftop Sydney mansion that had been on the market for almost two years has sold for $18.45 million, breaking all local house price records by more than 30 per cent.

This sale surpassed the previous record high of $14 million in Maroubra, as well as the records of more upscale oceanfront suburbs like Coogee, Clovelly, and South Coogee.

South Coogee is where tech entrepreneur Fred Schebesta bought the “Coogee Castle” for $16.85 million in May 2021.

The buyer of the property in Maroubra remains undisclosed, but Ray White Eastern Beaches‘ Nader Hotait mentioned that the buyer plans to renovate the property and is moving from the harbourside suburbs.

Mr Hotait also noted that Maroubra is becoming a popular choice among buyers because of its privacy and space, compared to the increasingly congested areas of Bronte, Tamarama, and Clovelly.

A Maroubra property that had been on the market for almost two years has sold for $18.45 million, breaking all local house price records by more than 30 per cent. Source: Ray White

“I‘m finding that more buyers are moving further down the coastline from your Bronte, Tamarama and Clovelly areas because those areas are increasingly busy and congested, and Maroubra offers more privacy and more space,” he said.

“That said, this is an out-of-line sale that comes down to the land size, the location and the house.”

The property, situated on a clifftop with access to the water’s edge, boasts a 1,400 square metre block and a five-bedroom, four-bathroom residence.

The property, situated on a clifftop with access to the water‘s edge, boasts a 1,400 square metre block and a five-bedroom, four-bathroom residence.

It also features a 12-car garage, internal lift, cellar, billiards room, spa, sauna, and an infinity pool. The house was built almost 20 years ago by master builder Anthony Vassiliou and his wife Despina and needs refurbishment.

The property was listed in June 2021 with no price range, but expectations were high.

The sale shows that the trophy home market remains immune to the broader market downturn that has affected much of Sydney.

This is evidenced by Domain figures indicating that the median house price in Maroubra fell by 8.1 per cent last year.