One of the few remaining street-to-waterfront properties on the Burraneer Peninsula in southern Sydney has sold for a record $20 million.
The price is more than 20 per cent higher than the previous Sutherland Shire record, which was set earlier this year in Sylvania when a trophy home dubbed “Palazzo Georges” sold for $16.3 million in an off-market deal.
That sale broke the previous regional record of $14 million.
The property at 333 Woolooware Road was sold by race car driver and co-founder of fleet leasing and vehicle management company FleetPlus Don Dimitriadis.
The sale quadruples the $5.6 million Dimitriadis paid for the five-bedroom home in 2012.
The waterfront property is set on a 2200sq m site with a swimming pool and private jetty and has undergone a number of substantial renovations in the years since Dimitriadis acquired it.
The off-market deal was facilitated by Highland agents Mitchell Wynn and Laura McKay.
“Burraneer has been primed for a value surge, and we’re witnessing that now with back-to-back records toppling as buyers clamour to secure premium waterfront products,” Highland chief executive David Highland said.
“Demand in the prestige market continues to be driven by scarcity of supply and when coupled with the rarity of one of Burraneer’s last remaining waterfront estates, it's no surprise that this home attracted such a substantial figure.”
The Sutherland Shire’s ultra-prestige market has had a bull run during the past year with a slew of $10 million-plus sales, including the previous house price record of $14 million set last December for the landmark “spaceship house” in Cronulla, sold by former TasFoods chairman Shane Noble and his wife Lyn.
The suburb of Burraneer currently has a median house price of $3.17-million, while the peninsula suburb’s house prices surged by almost $900,000 last year.
The property boasts a number of high-end amenities including a five-car garage with automatic remote turntable, a fully automated home control system including motorised blinds and curtains plus home automation for lighting, audio, security and climate.
According to Knight Frank’s recent Wealth Report, more than 30 per cent of Australia’s ultra-high-net-worth individuals bought a home in 2021, compared to 19 per cent globally, while 28 per cent are planning to buy a home this year, significantly more than the 21 per cent globally.
Knight Frank associate director of prestige residential Adam Ross said home automation was now an important consideration for buyers furthering the need for good broadband speed, as it usually required a stable, strong and fast internet connection, particularly if controlling the home remotely.
“I wouldn’t say it’s an absolute prerequisite for buyers, but it does seem to be standard in the luxury homes we sell,” Ross said.
“There is usually some level of home automation, with the basics being blinds, lights and air conditioning.
“The next level up is audio visual and controlling the temperature of the spa, for instance.”
The Gold Coast recently pipped Sydney as the best performing Australian city for prime price growth, ranking at number 12 globally after surging by 17.1 per cent in 2021.
Sydney came in at 17 after 16.2 per cent growth last year, however, it has the strongest forecast in Australia for 2022 with 9 per cent growth.
The number of millionaires in the country has been growing rapidly and the affluent class has been looking to upgrade its lifestyle.
The closed borders during the past two years ensured that the affluent individuals were using their saved-up cash at home instead of international trips and ostentatious lifestyles.
Knight Frank’s Erin van Tuil said quality of finishes and provision of services creating a luxurious lifestyle was now a very important consideration for ultra-high-net-worth individuals post-pandemic.
“People are prepared to pay, but it needs to represent value for their money,” van Tuil said.
“Living area size—and particularly the entertainment space —is now more important for ultra-high-net-worth buyers than the number of bedrooms in the home.”
Van Tuil said that an outdoor space was also essential for Australian prestige buyers.
“A proper entertainment space where you can host dinner parties is hugely important,” she said.
