Sydney’s home market has been a hotbed for investors and local buyers over the past year with the ten biggest sales alone having a combined value of just under $250 million, Domain reports.
The biggest deal was the “Mandalay” estate in Point Piper which was owned by former tobacco company CEO William Webb and his wife Marijke.
The couple bought the 1900-square-metre home in 2004 for $20 million and sold it to an Australian buyer this year for $39.9 million, despite setting an initial asking price of $56 million.
The $39 million sale of Villa del Mare in Point Piper followed closely behind. Xu Jiayin, one of China’s wealthiest men, was forced to sell the property in March this year as part of Joe Hockey’s crackdown on illegal foreign investment.
The property was later bought by an Australian for an undisclosed amount but the property is expected to have traded hands for $41 million to cover the previous $39 million sale and incurred stamp duty.
Also on the coveted list was the Bronte Wave House which made headlines after it was rented out by pop star Ricky Martin last year. The cliff-top residence sits on five levels and was sold for just under $16 million.
Earlier this year, RBA governor Glenn Stevens described parts of the Sydney market as “crazy” and said the heat in the market was “acutely concerning”. It is now well-established that prices are being driven up by investors, including foreign buyers, flooding the market. Prices are rising at a rate of 13% annually.
In the meantime, here is the complete list.
1. $39.9 million in May (Webb to Lee): Mandalay, Wolseley Road, Point Piper. This three-level European-style villa sits on 1,891 square metres with an East and West Wing complete with a gym, sauna, wine cellars and views of the Sydney Opera House. The property had an initial asking price of $56 million but was sold this year by Bill Webb, a former senior executive with a cigarette company, to a Chinese immigrant for $40 million.
2. $39 million in May (Xu to Wang): Villa del Mare, Wolseley Road, Point Piper. Located on one of the most prestigious streets in Sydney, Villa del Mare sits on over 1,500 square metres of land featuring five oversized ensuite bedrooms, an infinity pool overlooking the harbour and its own fully self contained apartment on the lower level. It was sold in an off-market deal to Australian citizen this year for an estimated $41 million after it was illegally purchased by a Chinese billionaire.
3. $38 million in April: Gladswood Garden, Double Bay. The harbour front trophy home was owned by Multiplex chief Andrew Roberts and his wife Andrea before they sold it. Roberts previously paid $10.1 million in 2003 for the 1145-square-metre three-level property featuring six bedrooms, eight bathrooms, a heated pool, jetty and mooring.
4. $28 million in January (Lim to Wang): Wolseley Road, Point Piper. Originally listed for $30 million, this five-bedroom 1970s mansion sits on 678 square metres with expansive views over the Sydney Harbour Bridge. Lim is a co-director of the family's Oceania Property Group and bought the property in 2008 for $20.55 million.
5. About $26.5 million in May (Heong to unknown buyer): Bayview Hill Road, Rose Bay. This waterfront home known as 'Indah' has gun barrel views from Rose Bay through to the Harbour Bridge. The 850-square-metre estate spans over three levels featuring contemporary interiors, a lift, gym and Bisazza glass mosaic tiled pool.
6. $16.2 million in April (Stamford to Zhang): Stamford Residences, Gloucester Street. This penthouse sits on top of the Kann Finch-designed building at the Rocks. It includes four bedrooms, five bathrooms as well as Thomas Hamel interiors and was listed a year ago with $15 million-plus hopes.
7. $16 million-plus in April (Lochtenberg to unknown buyer): Curraghbeena Road, Mosman. The designer waterfront residence was first listed with initial hopes of $18 million and belonged to former Cockatoo Coal executive chairman Mark Lochtenberg. The property last traded in 2003 for $6.5 million before it was redesigned by architect Dale Jones-Evans and sold to an Eastern suburbs family this year.
8. $16 million in May (Harvey to unknown buyer): Bronte Wave House, Hewlett Street, Bronte. This beachside pad was designed by award-winning architect Walter Barda and is a creative masterpiece. The 900-square-metre cliff top residence featuring five bedrooms and two pools was made famous after being rented out by Ricky Martin and was snapped up by a Chinese buyer for just under $16 million this year.
9. $15.3 million in March (Webster to Locke): The Crescent, Vaucluse. This five-bedroom bungalow on Kutti Beach sold for $1.8 million over reserve at auction thanks to its waterfront location. The property is expected to be knocked down and rebuilt and was the first time it traded hands in half a century.
10. $15 million in March (Vanda to Rose): Bayview Hill Road, Rose Bay. The waterfront residence belonged to The Easybeats' lead guitarist Harry Vanda and his wife Robyn before being sold to Rose Property Group managing director Stuart Rose. The five-bedroom house was bought for $667,500 in 1983 and has a prime location with views across Rose Bay.
Business Insider Emails & Alerts
Site highlights each day to your inbox.