Sydney ‘not slowing down’ on home sales of $15m plus

“Super-prime” home sales over $15m are still being recorded across Sydney with the North Shore creeping closer to the Eastern Suburbs in terms of the highest sales.

Sydney's unstoppable year of $15m plus home sales.

“Super-prime” home sales over $15m are still being recorded across Sydney with the North Shore creeping closer to the Eastern Suburbs in terms of the highest sales.

While both the bottom and top ends of the market enter their quieter period of the year, Sydney’s is one of five cities across the globe bucking the slowing trend when it comes to “super prime sales” of US$10m plus according to latest Knight Frank research.

The Harbour City joined Hong Kong, Dubai, Geneva and Miami in recording more super-prime sales in the third quarter of 2023 compared to the same time last year with no signs of slowing down.

Sydney recorded 21 super-prime sales between July and September.

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A Mosman waterfront mansion sold for just under $21m in July.

The Mosman mansion was owned by outgoing Qantas chief executive Alan Joyce and his husband Shane Lloyd. Picture: James D. Morgan/Getty Images

Knight Frank’s head of residential research Michelle Ciesielski said based on the first three quarters of the year, 2023 was on track to overtake 2022 in terms of value and number of super prime sales in Sydney.

“This year to the end of Q3 Sydney has seen 71 super-prime sales with no signs of slowing, while for 2022 as a whole Sydney had 108 super-prime sales,” she said.

“In addition, aggregate values for Sydney super-prime transactions to the end of Q3 this year are already sitting at US$1,300 million compared to US$1,738 million.”

Mosman’s highest house price for 2023: Balmoral Slopes home on Burran Ave sold for around $19.5m in July.

Australia’s most expensive semi-detached: Bellevue Hill home sells for $15.6m at an auction in September.

She said 54 per cent of the sales were recorded in the Eastern Suburbs which was significantly lower compared to a decade ago when the east accounted for 80 per cent of all super-prime sales.

“The North Shore, meanwhile, rose from a 13 per cent share 10 years ago to 31 per cent in 2023, whilst the CBD and Inner Sydney share has seen only modest growth from 7 per cent to 8 per cent despite several new luxury apartments built over this time,” Ms Ciesielski said.

Knight Frank head of residential Erin van Tuil said prestige homes had become a safe haven from global headwinds, with buyer demand strong in Sydney.

“Buyer appetite is strong, but existing super-prime homes continue to be tightly held and supply from new builds will always be limited given the scarcity of well-positioned sites on the harbour,” she said.

The gothic-style mansion in Darling Point sold for more than $16m in September.

This home in Ginahgulla Rd, Bellevue Hill sold for $15.58m in August to the deputy chairman of the AFL team GWS Giants Adrian Fonseca.

“Increasingly more apartment sales in Sydney have been reaching super-prime status over the past few years than we have seen ever before in our harbour city.

“In the past, it was mostly a prestige home on a large parcel of land transacting at this price point and a handful of penthouse apartments with stunning water views.

She said looking ahead, there will be an increasing focus by developers delivering super-prime residential projects from the ground floor to the rooftop.

Former Rugby Australia chairman Hamish McLennan and his wife Lucinda sold their Lavender Bay mansion for around $17m.

Hamish McLennan and family sold a home in Lavender Bay.

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“Each time our ultra-wealthy population return from an overseas travel, we find a growing number seeking the ease of apartment living with exceptional amenities which allows for privacy, security and lateral living, plus a lock-up-and-leave option for their next trip,” she said.

It comes as suburb records continue to be broken across Sydney.

They may not be over $15m, however strong results are flooding in at the back end of November.

Central Element’s development Bianca has been breaking records.

Off the plan sales for a luxury development in Drummoyne have broken records for 3-bedroom luxury harbourside apartments in the suburb.

Two of the enviable ground floor residences in Bianca have sold for $9.25m and $8.35m respectively, achieving a result of $39K per square metre and setting a new benchmark for the Drummoyne luxury apartment market for 2023.

Central Element’s Head of Sales, Cameron Porter said what set Bianca apart was the generous floorplans, rare position and harbour views.

“In terms of the buyer, we’re seeing that downsizer or empty nester, primarily from Hunters Hill, Balmain, Longueville and Drummoyne, drawn to the product for its house-like proportions and prime waterfront position as they are often coming from large waterfront homes themselves,” he said.

Originally published as Sydney ‘not slowing down’ on home sales of $15m plus