Wealthy buyers busy at top end of Australia’s mansion market
The luxury housing market is seeing a jump in activity, with the hefty sales in Sydney and Melbourne almost divorced from fears of an economic slowdown.
The very top of the luxury housing market is seeing a jump in activity, with the hefty sales around the nation almost divorced from fears of an economic slowdown.
Perhaps it is little surprise.
The drivers of the top echelon can sometimes be as simple as a wealthy family returning to Australia and needing a new home. Or deciding they want to exit a Sydney Harbour abode for a new city or a coastal township.
Whatever the case, the $30m-plus market is seeing more activity – and that is likely to continue as buyers who have missed out bid again.
Big sales are taking place in Melbourne, with action in Toorak and Brighton, and homes in Sydney are also set to top suburb records in desirable harbourside locales.
Marshall White Stonnington agent Marcus Chiminello and Black Diamondz Group director Monika Tu just handled the near-$32m sale of a Toorak mansion in Yar Orrong Rd. The Healey family picked up the home that was sold by ex-Philip Morris chief operating officer William Webb and wife Marijke, who bought the property for $20m in 2015.
“Our market is always driven by the same thing; a wealthy clientele that wants intergenerational homes,” Chiminello says.
While there are a series of big-ticket homes on the market, he says there is also caution.
“Even the astute are very cautious at the moment. They’ve got every right to be, but they’re making decisions based on their life, not based on the market.”
In Melbourne’s southeast, a beachfront mansion previously owned by Beverley Barlow, the late co-owner of convenience store chain 7-Eleven, has sold in a record-breaking Brighton deal.
The 39 Seacombe Grove mansion sold within its $30m-$33m price range, topping the beachside suburb’s price record by at least $5m.
The new owner will enjoy the four-level property’s features such as its wine lounge, Gold Class-esque home cinema, 12-car basement garage and two lifts.
Described as a “trophy home” by Buxton Brighton director David Hart, the property received strong interest from prospective buyers as close as the next street and as far afield as Asia. The impressive mansion has a history of housing business elites, with former St Kilda president Rod Butterss a previous owner.
Just around the corner, an opulent residence set with a panoramic position along Brighton’s Golden Mile is expected to attract competitive bidders happy to pay the $46m-$50m asking price.
The 4500sq m Teychel, at 16 Moule Ave, has seaside views past the boats at Brighton Yacht Club, and is being offered through Kay & Burton’s Ross Savas.
Potential buyers will be enticed by the landscaped gardens, sprawling lawns, swimming pool, tennis court, boat shed and housekeeper’s cottage.
The interior holds potential for renovations, with the French-inspired sitting room, mantle pieces and distinctive wallpaper. The single-level, three-bedroom home is expected to be transformed by its new owner, who will be the third to own the home in the estate’s 100-year-old history.
Both of the impressive Brighton estates sit among some of the state’s most prestigious schools and boutique shopping.
The hallmark of luxury seems to all be defined by water, with the tranquil and lavish lifestyle reflecting back on those fortunate enough to reside along the coasts.
In Sydney’s plush Double Bay, a rare and exclusive opportunity to live among just one of the eight waterfronts in Castra Place is on the block via Rich’s Real Estate.
The historic property with a history of more than 100 years, has a $45m price guide, and could add to the roll call of Sydney mansions to sell in this busy period. The three-level mansion boasts six bedrooms and is perfect for large families, entertaining or whatever the future owner’s heart desires.
Before being owned by the late orthopaedic surgeon Basil Ireland for almost 50 years, the property housed the Italian consulate and British High Commission.
Whoever goes on to own this ritzy sun-kissed waterfront will have a branch of Sydney’s Lowy family and GPT chairman Vickki McFadden as near neighbours.
To the north in Avalon Beach, Celeste on Cabarita Rd is for sale with the architectural marvel expected to rake in $50m.
Located at the tip of Stokes Point with views of Pittwater’s shoreline and Lion Island, premium materials are used to anchor this 1631sq m block, which is aimed at redefining indoor and outdoor living.
The residence boasts six bedrooms (four of which are ensuites), seven bathrooms and eight car spaces, with some of its more decorated features including an infinity pool, game room, wet bar, media room, koi pond and gourmet kitchen.
Away from the beach for a change, Lola Li Wang, wife of a Chinese high roller, has sold her three-level Vaucluse residence for upwards of $30m.
Boasting both a formal and informal living room, rooftop spa, media room and views of the Harbour Bridge, Wang purchased the home for $16.6m in 2008.
In Queensland, where the wealthy of Sydney and Melbourne have moved during and after strict Covid-19 restrictions and lockdowns, luxury properties are also hitting the market. One is a five-bedroom, five-bathroom estate in Robertson, in Brisbane’s outer southern suburbs and owned by one of Australia’s most prominent shopping centre families.
Fitted with multiple living and dining zones, dual offices, terraces, alfresco dining options, a home theatre and bespoke chandeliers, the residence also offers a tennis court and a pool house complete with a spa and cold-plunge pool.
Property records show the mansion was purchased for $5.9m in 2005, but with median house prices in the suburb rising 3.5 per cent in the past three years, its sale is likely to smash records.
Additional reporting: Ben Wilmot
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