Sydney mansion market still sparkles despite coronavirus crisis

Mansion sales in Australia’s gateway city Sydney are out-performing much of the world according to Knight Frank that says that wealthy buyers have brushed off worries about the coronavirus crisis

98 Victoria Rd, Bellevue Hill. Picture: Supplied

The top end of Sydney’s mansion market appears to be defying the coronavirus crisis as continued sales lock in its status as the nation’s busiest market.

While Queensland also saw major sales, local buyers were setting a fierce pace picking up properties in tightly held Sydney enclaves with many trading up to meet family requirements.

The run has given some areas, particularly Sydney’s wealthy eastern suburbs, a lift as homes sold quickly despite concerns the crisis would see a dwindling supply.

In one of the latest plays, the former owner of bedding chain Sleeping Giant, Fred Bart, sold a six-bedroom, seven-bathroom home in leafy Victoria Road for more than $21m.

The art deco mansion, which sports a pool and tennis court and sits on an out-size 2415sq m block, drew strong bidding through LJ Hooker Double Bay’s Bill Malouf, who is thought to have brokered a sale to property developer Willi Phillips.

A Knight Frank analysis published this week found that Sydney was the standout market of 12 global cities it looked at and was the only one to record an increase in super-prime sales this half compared to the same period last year.

It was busiest between March and June, when restrictions were relaxed as Sydney recorded a significant rise in average transaction value from $18m in 2019 to $24m.

Knight Frank found that despite lockdowns around the world, 153 residential real estate deals above $US10m ($14.3m) took place between March and June, with a total value of $US3.2bn.

Although the global super-prime market didn’t buckle during lockdown, transaction levels were still lower. Locally the picture appeared to be brighter.

Knight Frank’s Erin van Tuil, partner, Crown Residences at One Barangaroo, said Sydney was the only major city to record an increase in sales, compared to the first half of 2019, from 13 to 15 transactions.

“Looking at the period between March and June, there were six sales in Sydney compared to 12 in the same period last year. However, Sydney’s super-prime market is set for a successful year thanks to its fundamentals as a city, poising it for resilience, strength and stability,” she said.

-

Top 5

Highest-price sales

$5,700,000
NSW

61 Village High Road, Vaucluse, Sydney

Four-bedroom home with views of Sydney Harbour Bridge

AGENT: Michael Pallier, Sydney Sotheby’s
International Realty, Double Bay

$4,210,000
VIC

45 Walpole Street, Kew, Melbourne

Five-bedroom home on 1092sq m

AGENT: Cameron Ingram and Helen O’Grady,
Nelson Alexander, Kew

$2,750,000
QLD

5/79 Albatross Avenue, Mermaid Beach, Gold Coast

Beachfront four-bedroom apartment spanning 340sq m

AGENT: Tolemy Stevens, Harcourts Coastal, Broadbeach

$2,550,000
WA

66 Riley Street, Dalkeith, Perth

Five-bedroom home on 1012sq m

AGENT: Peter Clements and Andy Thorpe,
Mint Real Estate, Claremont

SA

2A East Street, Port Willunga, Fleurieu Peninsula

Four-bedroom home on 900sq m

AGENT: John McGarry, LJ Hooker Fleurieu, Aldinga Beach