$20m ‘realignment’ warning for Aussie homeowners
It’s only three weeks into 2025 and, already, the property market is undergoing a significant shift – and it’s not great news for everyone.
It was a cracker year for top-end sales in 2024, but there’s a long list of mansions that didn’t find a buyer and some have had price drops of $10m and even $20m.
The luxury homes still on the shelf range from Sydney waterfronts to Byron Bay and Southern Highlands getaways.
With many of them now being discounted, top buyers agent Simon Cohen says in 2025 “we’re going to see better and more exciting opportunities for buyers”.
And with the timing of interest rate cuts uncertain and price growth tipped to slow, he has a warning over-ambitious sellers.
“We’re going to need to see vendors realign their expectations with the market if they want to sell.”
Some sellers have already bitten the bullet and dropped thier asking price. Check out these crazy price changes:
MORE: Homewares queen’s ‘spectacular’ $12m move
1. A $20m saving
A businessman who’s made his fortune from recycled shopping bags has listed his Rose Bay mansion at a $20m discount from last June.
Frank Qiang Geng, who was an economics professor in Asia before creating his sustainable materials business, and Juanjuan Zhao had $75m hopes when the modern waterfront trophy home with gun barrel views at 12 Dumaresq Rd was quietly listed back in June.
It now has a $55m guide via Michael Pallier of Sotheby’s and Brad Pillinger of Pillinger.
They’re motivated sellers, having bought the Point Piper mansion Rockleigh for close to $85m.
MORE: ‘Get them out’: Stubborn Aussies spark debate
2. A $15m saving
A Watsons Bay waterfront owned by Gee Soon Low, a member of the billionaire Malaysian family behind development giant Low Yat Group had a $50m guide when listed last March.
After passing in on a vendor bid of $37m at auction in September, the six-bedroom home at 32A Pacific St now has a $35m guide via Steven Zoellner of Laing + Simmons Double Bay and Michael Pallier of Sotheby’s International Realty.
MORE: Novak Djokovic’s humble $900k ‘retirement’ home
3. Take $15m off
A six-bedroom ‘masterpiece’ on Pittwater with a private beach, jetty and deepwater berth at Avalon Beach has also had a $15m discount.
Builder Robert Yazbek had a $50m guide for Celeste at 6 Cabarita Rd, Avalon Beach when first offered more than two years ago.
It’s now $35m via Michael Clarke and Cherie Humel of Clarke & Humel.
MORE: Where Aussies could face LA-style fire insurance disaster
4. Take $10m off
Freight boss Arthur Tzaneros has lowered price hopes on his luxury Vaucluse mansion, hoping to catch the eye of an Aussie expat returning home for Christmas.
The five-bedroom, six-bathroom residence at 26-27 Olola Ave — with pool, championship-sized tennis court and harbour views to the Manly headlands — has been relisted with Highland director David Malouf with a $45m guide, in conjunction with Michael Pallier of Sotheby’s.
That’s down from the ambitious $50m-$55m guide when it was first listed last June.
Tzaneros and his wife Maude have bought a Bellevue Hill mansion for $61.5m.
MORE: Insane profit on cards for simple Aussie home
5. A $3m discount
Property developer and McGrath director Shane Smollen and his wife Rebecca had $40m hopes for their five-bedroom beachfront at 8 Border St Belongil Beach a year ago.
It passed in at auction last June with a reserve of $37.5m and has just returned to realestate.com.au via Ed Silk of Ed Silk Real Estate with an asking price of $37m.
MORE: Shock as big bank now expects rate cut within weeks
6. Subtract $3m
Former Liberal MP Michael Yabsley and his ex-wife Susie listed their Southern Highlands estate for $10m in July, 2023 and it now has a $7m-$7.5m guide via Liam Griffiths and Sam Triggs of Inglis Rural Property.
Known as Wombat Hollow, 300 Kirkland Rd, East Kangaloon is described as a classic country escape with a unique sense of privacy on 8ha.
MORE: $8m pay out: Portelli’s major Block flop
7. A $2m discount
Chinese rock star Tian Zhen, known as China’s Tina Turner, is yet to find buyer for her luxury three-bedroom penthouse in the historic Kilmore Estate at 2/6 Wentworth St, Point Piper. It was first listed with an $18m guide last February, but didn’t sell. Then it was relisted with a $14m auction guide last October. There hasn’t been an auction, but agent Steven Zoellner, of Laing and Simmons Double Bay who has the listing with Michael Pallier of Sotheby’s, says there were offers of $14m that were rejected. The price is now $16m.
8. No discount
Fund manager Michael Triguboff, nephew of billionaire Harry Triguboff, still wants $60m for the seven-bedroom deep waterfront in Wentworth Rd, Vaucluse that was listed at that price in October, 2023.
He’s clearly in no hurry, despite wanting to downsize from the Kerry Hill architect-designed residence after 24 years. It’s listed with Highland Double Bay Malouf agent Bill Malouf in conjunction with Ken Jacobs of Forbes Global Properties.
9. Price rise of $2m+
Despite being on the market for six years, a five-bedroom Watsons Bay mansion previously owned by fashion designer Collette Dinnigan has had a price rise of more than $2m.
The vendors of 8 Gap Rd are Justin and Dominique Hind, who co-founded Sydney-based advertising agency With Collective, and they first listed with a $15m guide in August, 2019.
Listed with TRG founder Gavin Rubinstein, the owners are understood to have recently knocked back an offer of $17m. Naturally, prestige property prices overall have increased substantially over six years it’s been on the market.
RELATED: Australia’s best tennis homes
10. Take $3.5m off
Former Liberal MP and tennis star John Alexander listed his Southern Highlands estate Iona Park with a $10m-$11m guide in October 2023.
More than a year later and the Moss Vale property could have been yours for $7.5m to $8.25m. But proving that everything sells at the right price, the 36-ha estate in Iona Park Rd Moss Vale sold last week with its new agent and a second campaign.
Anne Stone of McGrath Southern Highlands confirmed she sold it within the latest range to a buyer from the Southern Highlands.
Naturally, the home came with two clay tennis courts and a pool.
Originally published as $20m ‘realignment’ warning for Aussie homeowners
Troye Sivan’s $1.7m score after move to Melbourne
The Aussie house where the pop star filmed a personal video that’s had over 9 million views, and lived in when he landed a role in a Hollywood film has sold. See how much it went for.
Home trend that baby boomers are jumping on
Retirees are discovering a revolutionary way to save money and live sustainably. Find out what’s behind the trend transforming retirement living.
36 new no-go suburbs for Aussie buyers revealed
The country’s metropolitan and regional areas that property investors should avoid have been revealed in the latest research by Hotspotting. SEE WHERE.