Apartment at One Barangaroo changes hands for $13.4m; Paul Keating sells investment unit

The first luxury apartment resales have occurred in One Barangaroo, Crown Resorts’ striking casino project on Sydney Harbour.

It is understood a 53rd floor apartment at One Barangaroo sold for $13.4m, although McGrath Millers Point has not confirmed the price. It had been bought off the plan at $12.5m without any registered mortgage.

The first luxury apartment resales have occurred in One Barangaroo, Crown Resorts’ striking casino project on Sydney Harbour.

It is understood investor Belinda Upton recently sold her 53rd floor apartment for $13.4m although McGrath Millers Point has not confirmed the price. It had been bought off the plan at $12.5m without any registered mortgage.

Her settlement came in April 2021, so reflected annualised 7.8 per cent price growth for the apartment in the 6-star hotel branded residential tower. Of course, the $900,000 price gain only just covers the $811,000 NSW purchase stamp duty, but not the conveyancing costs.

The 244sq m three-bedroom, four-bathroom apartment, with views of the Harbour Bridge and Opera House, is among the 76 residences atop the casino in tycoon James Packer’s stymied dream project.

The apartment was sold off market. It is understood to have open plan living interiors by New York designer Meyer Davis Studio. Last month Milan Debelak spent $13.4m in a quiet acquisition of a 238sq m apartment three floors above. It too had first sold at $12.5m.

Designed by architect WilkinsonEyre, the sculptural tower has seen some 64 settlements, slowing to just one this year. Knight Frank are still trying to secure $100m-plus for the six bedroom penthouse, spanning two floors with over 800sq m space.

Upton recently also sold her Wahroonga home for $11.1m. The five-bedroom, five-bathroom property had been designed for Upton and her husband Michael, who is a director of Eden Brae Homes.

–

Keating sells unit

Former prime minister and longtime postcode 2011 property investor Paul Keating has secured the sale of his Darnley Hall, ­Elizabeth Bay investment ­apartment.

There is no price disclosure on the apartment, which was listed in January through Vicki Laing at Laing Real Estate with a $3.45m asking price.

6/12 Onslow Avenue, Elizabeth Bay.

The offering was described as “sophisticated elegance in the most important 20th century Neo-Georgian-style apartment building in Elizabeth Bay”.

The three-bedroom, first floor Onslow Ave apartment was last up for rent at $1000 a week in 2019. Darnley Hall, designed in 1927 by architect Sir Charles Rosenthal, consists of 12 company title units. It recently installed, at substantial cost, a new, quiet elevator, prompting a rise in the levies to $3994 a quarter. The Keating family investment company bought it from writer Susan Owens in 2007 for around $1.3m. Listing a property is a rare step for Keating, whose investments in the neighbourhood go back to the $225,000 he paid for a terrace house in 1983.

Realestate.com.au puts the median apartment price as $1m, ranging from $765,000 for one bedroom to $5.5m for three-bedroom apartments.

–

Bronte beachfront

Sydney had the nation’s highest auction sale when a local family spent $17.7m on the Bronte beachfront reserve home offered by F45 gym co-founder Rob Deutsch.

The bidding for the Bronte Marine Dr home opened at $14m, despite the agents having $17.5m guidance.

There were four registered, but just the two participated.

Deutsch had paid $11.2m in 2018, with renovations costed at $125,000 being approved in 2019, according to Cordell. Spanning three levels with a 14m frontage, the home comes with dual street access. Its recreational lower level comes with a cocktail bar, cinema and wine cellar. He had plans to convert a $20.65m Campbell Pde, Bondi Beach apartment complex into a family home, but it has been recently listed with a $25m guide.

Deutsch has been seeking out a home overlooking the harbour instead.

–

Harbour views

An $11.1m newly built Manly home was the nation’s second priciest weekend auction result.

It had been listed with $10m to $11m price guidance.

16 Spring Cove Avenue, Manly, sold for $11.1m.

The four-bedroom home at 16 Spring Cove Ave comes with harbour views from the bushland precinct above Collins Flat Beach. It was built in 2019, based on $1.1m plans lodged in 2014.

Across Sydney, 1105 homes went under the hammer last week, in line with the auction volumes recorded the week prior.

CoreLogic’s Tim Lawless noted that Sydney’s preliminary clearance rate was also in line with the previous week’s 68 per cent, which was revised down to 64 per cent at the final tally of advised sales.

–

Melbourne slowdown

Melbourne’s auction activity fell 9 per cent last week, with 1476 homes auctioned across the city. Of the 1241 results collected so far by CoreLogic, a steady 69 per cent were successful.

The priciest weekend offering now comes with a $7.5m asking price. The home at 2 Carmyle Ave, Toorak had been listed with $7.5m to $8.2m auction guidance.

It is a stucco-rendered, 1922-built home sits in landscaped gardens by Julian Ronchi. It last sold at $3.37m in 2010.

–

Local triumph

Brisbane’s top sale was in Clayfield when Ray White agent Holly Bowden secured $3.325m, against the reserve of $2.4m. There were eight bidders with five placing offers.

“We had a buyer fly in from Singapore who grew up on the street over and they were just ­pipped at the post,” Bowden said. “A local family won.”

The vendors had been there six decades.

With 208 auctions Brisbane maintained its ranking as the busiest weekend market among the smaller capitals for the fourth week, taking 208 homes, followed by Adelaide (194) and Canberra (149).

Adelaide had the highest preliminary clearance rate for the third consecutive week, with 86 per cent of the 115 results collected returning successful results, followed by Canberra (72 per cent) and Brisbane (71 per cent).

–

Lodge passed in

Mimosa Lodge at Hyams Beach on Jervis Bay was passed in at auction on Sunday at $6.7m, having been listed with $7m hopes through Scott Morton at Jervis Bay Properties.

It was previously owned by INXS drummer Jon Farriss, who sold what was then known as Whale Song House to the current vendors, for $2.32m in 2016.

Mimosa Lodge at Hyams Beach was passed in.

Farriss had bought the Cyrus St beachfront from Seven Network commercial director Bruce McWilliam for $1.78m in 2004.

A nearby Vincentia house, listed with $6m hopes, was passed in at $5m vendor bid.

But other NSW south coast beachside offerings secured record setting prices. There was a successful $3.3m pre-auction offer at Depot Beach last week that saw its weekend auction scrapped by Aristotle Stavros from Ray White Batemans Bay.

The four-bedroom Peter Willett-designed home was built in 2010 on the 733sq m block that cost $230,000 in 1998.

Depot Beach’s record price was $1.75m in March last year.