This $13 million Sydney property is the most expensive terrace in Australia

Sarah Kimmorley
Photo: Domain.com.au

A terrace in Potts Point has fetched a record-breaking $13 million this week.

The four-bedroom, five-bathroom property on Challis Avenue was bought for $5.25 million just two years ago.

The new record price beats the previous Australian record set by former Hawthorn Football Club director Geoff Harris’ Albert Park terrace in Melbourne, which sold for $12 million in May 2014.

The Potts Point sale is also almost double the previous Sydney terrace sale record held by designer Collette Dinnigan’s Paddington terrace which sold for $7.3 million in 2011.

The agent who sold the property told Domain.com.au Sydney’s lockout laws may have pushed the sale price of the property up by as much as 20%.

​The renovated 1890s Victorian Italianate terrace known as “Saraville” was sold by Sydney socialite Heidi Onisforou, who was previously married to property developer Theo Onisforou.

Here’s a look inside, courtesy of Domain.com.au.

Agent Jason Boon, of Richardson and Wrench, who sold the property, says Potts Point is becoming Sydney’s version of New York’s Soho. The renovations of the facade of the building also resemble terraces you would find in that area.

The fixtures and finishes inside the terrace were sourced from Europe and New York. Onisforou also worked with a team of architects and designers during the renovations.

The sale comes only six months after Onisforou moved in with her three children. However, a deal too good to pass up was offered through the real estate agency. Boon reportedly approached her 'with someone who wanted to look at something unique and very special'.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.