Hilliers chief Tim Casey downsizes to $5m home

PRESTIGE houses in Sydney are once again moving fast.

Tim Casey

PROPERTY developer Tim Casey of the St Hilliers group has downsized from his $13 million mansion, Rothesay, in Sydney's Bellevue Hill to a two-level former doctor's surgery at Queen Street, Woollahra, which cost him and his wife Anne Marie, daughter of thoroughbred trainer Bart Cummings, $4.75m.

They plan to spend a further $500,000 renovating the 65-year-old property in Sydney's eastern suburbs.

Nearby, Hong Kong-based actuary Paul Sinnott, managing director of Millimans Greater China, has forked out $10.75m for a Woollahra mansion, buying the five-bedroom, six-bathroom home in Roslyndale Avenue from real estate trader Bill Jamieson.

Also, Leanne Catelan, daughter of RP Data's founder, the late Ray Catelan, paid $12.5m for a mansion in Wylde Street, Potts Point, buying it from George Fernandez, who is relocating to Spain.

All three property sales were negotiated by Bill Bridges, of Ballard Property Group.

Luxury real estate is finally starting to sell in Sydney's prestige housing market but houses priced in the $6m to $8m market are particularly plentiful.

"Properties are selling because in most instances the vendors are meeting the market; that is what my feeling is," said Mr Bridges.

"I have never worked so hard in my life."

Mr Bridges says there is also more competition from agents, with "Double Bay full of them".

Unlike other real estate commentators, who believe the market is dominated by Asian buyers, Mr Bridges says buyers are either cashed-up locals or are onshore or offshore Chinese. "I have got some good Chinese buyers, I have a few bad ones. I have had Chinese buyers phoning me for three years and they have never bought anything."

Woollahra properties have a median price of $1.8m, down 2.4 per cent from three years ago. Prices are unchanged since 2008, according to RP Data's figures.

Elsewhere in the eastern suburbs, Vaucluse properties have suffered in the past three years with median house prices collapsing more than 21 per cent to a median price of $2.85m. Edgecliff prices slumped 23 per cent to $1.17m over the same period.

Businessman Chris Corrigan sold a home in Wellington Street, Woollahra, to barrister David McGovern for $6.8m earlier this year. The property features five-to-six bedrooms and five bathrooms.

Retired dentist Roger Leppinus and wife Lynette have sold Lang Road, Centennial Park, property for $5.925m. The buyer was David Walker.

The NSW Southern Highlands property market has also been performing solidly, Mr Bridges said.

The Hopewood Country House in Centennial Road, Bowral, has sold for $5.7m to artist Tim Storrier through Mr Bridges. The vendor was Fairfax director Michael Anderson. The Hotel Woodbyne at nearby Berry sold to Rosemarie Jennings for $5m. Townsville-based entrepreneur Brent Morgan has just paid $3.6m for a home in Osbourne Road, Burradoo. The property is set on 5055sq m.

RP Data says the median house price at Burradoo is $867,000, with prices up 4.2 per cent in the past three years.

In Sydney, the Casey family has paid $4.75m for a freestanding neo-Georgian style home built in 1925 as a doctor's surgery and residence. It rests on a 472sq m site in the Woollahra village. The six-bedroom property has been held by the same family for nearly 65 years and is set over two levels.

The Caseys plan to spend about $500,000 renovating the house with plans before Woollahra Council. "We just want to clean it up," said Mr Casey.

"I was quite definite about having sold 3 Cranbrook Road. I wanted to be in the (suburb of) Woollahra."

St Hilliers ran into financial trouble last year, with its construction arm placed in voluntary administration after failing to secure extra funding for the $400m Ararat Prison expansion project in Victoria.

Mr Casey said there were a lot of properties on the Sydney market in the $6m to $8m range. "(But) I was not in the market."

Private equity trader Andrew Gray, managing director of Archer Capital, bought the Caseys' mansion, Rothesay, for $13m.