The $95 million sale of a waterfront mansion overlooking Sydney Harbour in Point Piper has propped up the prestige property market.
The 92 Wolseley Road mansion, known as Edgewater, is the most recent luxury property to enter negotiations edging towards the eye-watering $100 million mark, boasting views of the Sydney Harbour Bridge, and Opera House.
In the midst of Covid-19, the sale marks one of Australia’s most expensive residential transactions, which real estate insiders describe as “a flight to quality property” being seen in Sydney’s luxury market.
The Point Piper property had last been purchased for $5 million by co-founders of clothing chain Katies, Joseph Brender and the late Sam Moss in 1985.
Michael Pallier of Sydney Sotheby’s International Realty managed the sale.
It is understood businessman Changjin Li purchased the mansion on a two-year settlement deal. Marketing materials note that the property actually comprises two apartments, owned by the Katies’ co-founders.
Recent Knight Frank research which looked at how 12 key super-prime markets around the world performed in the first half of 2020 compared to the first half in 2019 found that Sydney was the standout market, and the only city to record an increase in sales—up to 15 from 13, when compared to the first half of 2019.
“Global events like the Covid-19 pandemic can disrupt sales processes. However, you tend to find sales are postponed, rather than cancelled,” Shayne Harris, head of prestige residential, Knight Frank Australia said.
“Super-prime and ultra-prime property is viewed as a safe investment for the long-term, so buyer interest has not dampened and is expected to increase as markets continue to exit lockdown.”
As a result of travel restrictions and social distancing requirements at entertainment venues, many buyers are turning their focus closer to home.
Last month, Peter Anderson of Christie’s International oversaw a seven-bedroom, eight-bathroom Vaucluse mansion at 31 Coolong Road go to private tender for the “high thirty millions”.
The waterfront mansion, which had a price guide of $42 million, had been owned by Vass Electrical Industries founder Nicholas and Marion Vass, who purchased the property for $3.7 million in 1986.
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Further down in price-tag, strong buyer interest was shown in a historic five-bedroom home in Woollahra, attended by nearly a dozen bidders after attracting more than 300 people through inspections.
The 12 Harkness Street property had been the home of former steel company director John Lysaght who purchased the home in the late 1980s.
Architecture firm Bureau SRH is working with the winning bidder who secured it under the hammer for $5.71 million.
And boasting more harbour views, a three-bedroom penthouse is being offloaded by the family of one of Australia’s oldest private property developers, the late Bernard Lewis of Lewis construction, with price expectations of around $12 million.
Sotheby’s last week listed the 221sq m penthouse at Macquarie Street at East Circular Quay.