The mesmerising city of Sydney is a popular destination which is spectacularly beautiful and stunningly lush in its settings. Home to architectural marvels like the World Heritage-listed Opera House and the iconic Harbour Bridge, the capital of New South Wales is the most populated city in Oceania. Surrounded by sun-drenched beaches, national parks, wine regions, Blue Mountains and more such visual treats, it is the most sought-after tourist destination in the world. It boasts of a highly skilled multicultural population which falls in the high-income category making it a wealthy territory. This has made Sydney one of the most liveable cities in the world and people are migrating here every year to enjoy the good things in life. In fact, the crème de la crème of the society are flocking to the bustling metropolis. Naturally, it is becoming a preferred destination for prestige property buyers, who hail both from Australia and outside the country. As a result, the number of luxury real estate in Australia has escalated immensely in the past few years. Given its proximity to Asia, a lot of Chinese investors have catapulted the country’s luxury real estate market to the top ranks, ahead of other nations.
According to reports, Sydney’s luxury real estate market recorded a double-digit growth in 2017, and the city is ranked ahead of Melbourne in the Prime International Residential Index report covering 100 cities worldwide. Australia is expected to witness investments in prime property sector from countries like China, Hong Kong, Malaysia, Singapore and Philippines in 2018 as the houses here are cheaper than those in US and UK. The stamp duty and land tax surcharge levied by the state government may have affected the foreign investors. However, the interest of local buyers has piqued in the trophy homes, thanks to the upward trend in the stock market and growing incomes. The top deals in 2017 were primarily driven by local buyers as compared to the previous years as the demand for a lavish lifestyle has soared among the high-end group of people. The gain was close to $552 million through the highest grossing deals, which came mostly from local buyers. Here is a list of the coolest luxury real estate properties that were sold in Sydney in 2017. An interesting fact is that all of them have waterfront views and are located in the Eastern Suburbs of the city:
The charming and opulent property called Elaine at Point Piper estate, which was owned by the Fairfax family for over 100 years, was sold to tech tycoon Scott Farquhar for a whopping $71 million. The three-storied house is surrounded by the breathtaking views of the harbour and is located above the Seven Shillings Beach. It has seven elegant bedrooms and a verdant grass tennis court that fetched a record deal in the history of luxury real estate market.
Coming close to the Elaine deal was the Vaucluse house that was sold for $67 million by the Singaporean business magnate C.K. Ow to a local family in Sydney. The trophy house was bought by C.K. Ow in 1995 for $7 million and is equipped with a massive swimming pool, English-style bar, library, gymnasium, tennis court and six bedrooms and six bathrooms.
Next in line is the beachfront mansion Deauville in Longworth Avenue, Point Piper which was bought by luxury car importer Neville Crichton for $45 million. He is now the proud neighbour of Prime Minister Malcolm Turnbull who lives next door.
This was followed by the sale of Wolseley Road, Point Piper mansion which was bought by Andrew Potter for a staggering $36 million. The trophy house has a harbour-side swimming pool and provides access to scenic views of the Sydney Harbour Bridge.
The fifth spot is also taken by the same Wolseley Road, Point Piper house for being bought by Neville Crichton for $33 million from Gary Zamel’s, a mining and tech investor, wife. The mansion was then sold to Andrew Potter at a profit of $3 million in just six month’s time.
The sixth most expensive deal for a property was clinched for more than $30 million by the couple John Roth and Jillian Segal, who lived behind the house in Yarranabbe Road, Darling Point.
The next spot was taken by a Rose Bay waterfront house which was sold for $30 million to Samira Jeihooni, wife of Arash Tavakoli, a property developer.
The eighth spot goes to the Wunulla Road 2,000 Sq. Ft. property which was sold for a shocking $30 million. The land comes with a swimming pool and four marina bays in the Harbour. The property itself does not have a house; instead it has a boat shed and wharves which got everybody surprised.
Another waterfront home on New Beach Road, Darling Point was sold for $28 million to Patrick Grove, tech entrepreneur and founder of iFlix.
Following close was the Vaucluse home deal that was closed for $26.5 million by Alexander Ma, the son of Hong Kong media scion Ching-Kwan Ma. The splendid house has a luscious swimming pool, gym and seven bedrooms.
Next is the Mosmon house at Beauty Point which was sold for $22.4 million by Bryan Rose, a property developer. This property, however, is not located in the Eastern Suburbs like the others.
There were a few other houses that were sold between $18 million to $21 million in Sydney making it a treasure trove of deluxe residences owned by the affluent and prosperous families. Significantly, the top deals were dominated by the local buyers and this trend has been witnessed in the last two years itself. The list suggests that Harbour-facing homes were a hit among the buyers who seemed to like the idea of enjoying sun and sand by the bay for extravagant living. The rich and the wealthy wish to enjoy a class of life that is suitably present in this enchanting city which has everything from art and culture to a happening night life and beach scene.
Sydney offers a lot of stellar views and homes in comparison to Melbourne and Brisbane which are moving towards smaller apartment development in the real estate sector. This is because most of the land has been developed and there is not much space left for villas near the beaches. Nevertheless, Sydney along with Melbourne has been ranked among the top fifteen fastest growing luxury real estate markets in the world. This proves that the segment of luxury properties in Australia is growing and will keep progressing in the future as well. It has not been affected by the revised tax regulations and the prices of the properties have witnesses a steady hike. This means that the interest of the investors in iconic properties has not faded and the market will maintain its strong position for quite a while.