Celebrities, influences, and international billionaires are all breaking the bank to secure a home in Sydney’s East. With a postcode shared with some of Australia’s elite, it’s no wonder that competition is fierce and prices are staggering.
Since 2015 prices for properties in Sydney’s Eastern Suburbs have hit record heights. More money than ever is being splashed around the top side of town with buyers happy to lock in record-breaking offers to seal the deal on their dream home and ultimate address quickly.
Let’s peep through the mansion windows and check out Sydney’s most expensive homes.
1. Fairwater, Point Piper
If you spend $100 million on a property you don’t exactly expect a fixer-upper, but that was precisely what new owners Mike and Annie Cannon-Brookes signed up for with the record-breaking purchase of Fairwater at Point Piper. The extensive 1.25- hectare property had been owned by the Fairfax family for over 100 years but hasn’t been lived in for the past 25 years, leaving a lot of work to do with maintenance and restoration, not only to make it more contemporary but also to make the two-story architectural wonder livable. With gorgeous landscaped gardens stretching all the way to the private beach, this is one of the most sought-after residences in Sydney, which might explain why it only remained on the market for two weeks.
2. Edgewater, Point Piper
Location matters, which is why Point Piper is home to some of the most expensive properties in Australia. Edgewater at 92 Wolseley Road is no exception. The property sold for $95 million in September 2020. It puts it a mere fraction behind the record-breaking waterfront property sale of Fairwater at $100 million in 2018, however, when you compare the size of these two properties, the $95 price tag is staggering. The two properties are located close together with Fairwater sitting on just over 11,000sqm of land while Edgewater takes up only 2,000 sqm, showing just how much waterfront properties have increased in value and desirability in the past few years.
3. La Mer, Vaucluse
If you were looking to sell your current property and upgrade to a six-story mega-mansion then La Mer is the trophy home for you. The land was merged from three separate titles and the building was planned as a permanent home for owner James Packer and his new wife. Unfortunately, soon after the three-year build was completed the Packers went their separate ways and the home was no longer required.
This was good news for Dr. Chau Chak Wing, a Chinese property development owner who was happy to scoop up the sparkling new property for $70 million in 2015. It was the first time the property had been on the market since the three titles were combined to make the mega-mansion. While La Mer doesn’t have a waterfront like other trophies on Sydney’s most expensive properties list, it offers stunning 180-degree views of the harbor, bridge, and city.
4. Phoenix Acres, Vaucluse
If first impressions count towards price, 38B The Crescent, Vaucluse is deserving of the
$65.25 million sale. Swept up by Singaporean tycoon Chio Kiat Ow in 2017, it’s not likely to sell again any time soon.
It’s impossible not to be captivated by the 81-meter-wide water frontage, flowing through to the great 3731 sqm land parcel including a resort-style pool and breathtaking outdoor entertainment area. The grandeur of the six bedrooms, six-bathroom, lavish master suite, iconic Harbour Bridge views, and absolute privacy will win anyone over and set your sights firmly on a harbourfront lifestyle fit for royalty.
5. Ganesan, Vaucluse
Ganeden, named after the Garden Of Eden, isn’t quite as expansive as its neighbor La Mer, however, the principal is the same with an amalgamation of what was once three titles enabling the property to stretch all the way to Vaucluse Road from Wentworth Road, giving it that lavish land size that pushes the price up to those dizzying heights.
All that land size means some considerable architecture needs to come into play and the property does not disappoint with three kitchens, seven bedrooms, a cinema, and a private function center. You also have two pools to choose from to get your sun and exercise.
While most of those putting homes on the Sydney market has price estimations a little more modest than these masterpieces, it is exciting to see that big numbers in Sydney are still possible. Book an appraisal with an experienced Sydney-based property valuer.