Buyers vie for high-end homes in Sydney’s Upper North Shore

Supply of high-range options on Sydney’s Upper North Shore is short and buyers are rushing to the handful on the market.

67 Telegraph Rd, Pymble, is for sale through Chadwick Real Estate.

The eternal appeal of Sydney’s Upper North Shore has largely sheltered its prestige houses from the price tumble seen in other areas, but cautious sellers have meant fewer high-range options on the market.

That’s not to say the gems aren’t there – and the luxury properties are drawing the attention of international buyers as China’s borders reopen and families vie for a spot in the exclusive school zone.

Glenn Curran, lead agent with The Agency, had rarely seen so many buyers drawn to just a handful of homes.

“What really stands out is the lack of stock given the depth of buyers,” he said. “There are quite a lot of people looking for large tennis court properties and very few on the market at the moment.”

44 Telegraph Rd, Pymble, is one of the rare luxury homes currently for sale on Sydney’s Upper North Shore.

One of those in his portfolio is a six-bedroom property on a 2900sq m block at 44 Telegraph Rd, Pymble.

Along with a grass tennis court, the property has a pool, home cinema, billiards room, library and gym.

Inside 44 Telegraph Rd, Pymble.

The kitchen is perfect for entertaining, while a tri-level layout showcases the range of living areas.

A home automation system and ducted climate control run throughout, and Mr Curran said the modern touches were something that helped the $15m property stand out.

The tranquil and manicured grounds of 44 Telegraph Rd, Pymble.

“The build quality is excellent,” he said. “It’s only an 18-year-old property, where a lot of places across the North Shore are 80 years to 100 years old.”

For those seeking something new, 22a Sydney Road, East Lindfield, has never been lived in, and offers the best of modern architectural design.

The Agency is looking for $9m to $9.5m for the five-bedroom home, which includes a skylight, wine cellar, Miele appliances, and selected white Sydney sandstone walls.

Mr Curran said many inquiries were coming from buyers venturing into high-end property for the first time.

“It’s a tale of two parallel markets going on,” he said.

“The prestige end is operating differently to other homes on the North Shore where prices are dropping.”

Differences within the North Shore are stark. Where the number of active listings in Naremburn have fallen by almost a fifth, those in Greenwich are up a significant 44 per cent.

In the North Sydney and Hornsby area, the median property value of $1.45m is down 18.3 per cent since March 2020.

The asking price for 22a Sydney Rd, East Lindfield, is between $9m and $9.5m.

Falling house prices elsewhere have been largely to blame for less high-end stock, as owners hold on to their homes rather than risk undervaluing the property.

But as buyers rush to both on-market and off-market deals, confidence is expected to soon spring back on the Upper North Shore.

Chadwick Real Estate’s Lynette Malcolm said the reopening of China’s borders was helping to prop up luxury sales.

“A lot of sales on the Upper North Shore we do see to Chinese and Asian buyers, both local and offshore,” she said. “A lot of expats are looking to move here, or people post-Covid that want the big lush gardens and the space of the blocks here.”

A home offering just that is 67 Telegraph Road, Pymble, which Ms Malcolm hopes to sell for “something with a nine in front of it”.

Its large 3801sq m block is tucked away from the road, and includes a tennis court, heated pool, poolside cabana with projector and barbecue, manicured lawns, and built-in kids’ cubby and swing set.

The family appeal of the area is strong, playing host to some of Sydney’s most sought-after schools, and it is another reason the area’s property remains so exclusive.

“It draws people who want to stay,” Ms Malcolm said.