Sydney Spearheads Prestige Rebound

By Chris Wilkins

Sydney with the help of foreign investors has spearheaded a rebound in the prestige residential property market across Australia’s eastern seaboard, according to Ray White.

Ray White Commercial Head of Research, Vanessa Rader, said during 2014 there was a record sale in Sydney of 19 homes worth more than $15 million with the total volume of sales in that price bracket worth just under $433 million.

“Across Sydney the increase in foreign investment activity has resulted in a sizeable increase in high ticket property changing hands with the volumes increasing, particularly in the plus $20 million price range,” Ms Rader said in the Between the Lines East Coast Australia Prestige Residential report.

“Of the 19 plus-$15 million sales in 2014, 11 were more than $20 million, representing a new high for these quality residences.

“Eight of the sales were reported as being by overseas buyers including the $39 million Villa del Mare in Point Piper, which is back on the market after not being granted Foreign Investment Review Board (FIRB) approval.

“The highest value sale in Sydney was $52 million for the Altona (pictured) property, also in Point Piper.”
Ms Rader said prestige property sales in other states did not match the value of a truly global city such as Sydney and the attractions of property along Sydney Harbour.

She said Melbourne achieved 74 sales of more than $5 million in 2014, with one sale of more than $20 million – the $23.3 million sale of 14 St Georges Road, Toorak.

Ms Rader said there was a sizeable increase in the volume of transactions in Queensland with 33 transactions in 2014 of more than $5 million, mainly in Brisbane and the Gold Coast.

“There were two property sales recorded over $10 million during 2014. ‘Windermere’ in Sutherland Avenue, Ascot, was reported as selling for $10.2 million to a domestic buyer; while the reported $14 million property at Aaron Street, Hawthorne, was sold to Gina Reinhart, this the largest transaction in Brisbane over the last five years.”

Up to Date

Latest News

  • Easter Trading hours

    Please see our Easter trading hours below: Good Friday – CLOSED Easter Saturday OPEN from 9.00am to 1.00pm Easter Sunday – CLOSED Easter Monday – CLOSED For our tenants, please note our Emergency repair contacts below. Please contact these tradesmen direct. Please ensure a maintenance form is submitted which can … Read more

    Read Full Post

  • Kevin Costner’s $78 million California property for sale

    Film star Kevin Costner has put his beachfront 10.25-acre Montecito property on the market. The story goes that Kevin Coster first saw this property when he jogged past it 11 years ago and noticed a ‘For Sale’ sign out the front. He snapped up the original 17.25 acres for $37 million. Costner later … Read more

    Read Full Post