Though the stories of cost of living struggles continue to ring out across Sydney, last month’s $51M property sale in Bondi stands in contrast to that.
House prices in Australia are on track to hit a new record high, with Sydney’s current median reaching $1,110,660, which is $333,944 more than Melbourne, the city with the second highest median in the country. Alas, these sums pale in comparison to the top seven sales recorded in Sydney this year.
$70M, Bellevue Hill
In June, Leo Lynch, of wholesaler Lynch Group, dropped a rumoured $70M on the historic ‘Leura’ estate in Bellevue Hill. More than doubling in price from when it was last sold eight years ago, the eight bedroom, eight bathroom trophy home was built in the 1890s and designed by government architect Walter Liberty Vernon and Howard Joseland. Included on the sprawling 4260sq parcel of land is a ballroom, tennis court, and pool.
$61.5M, Bellevue Hill
If you’re wondering where Leo Lynch got the money for Leura, here’s your answer. Apparently, 24 hours before inking the deal on his new digs, Lynch sold his nearby home in Bellevue Hill for $61.5M. Not a bad return after buying the property in 2014 for $9.05M—though it has gone through a substantial rebuild since then, rumoured to have cost upwards of $11M. The sale and purchase of the two estates within 24 hours became one of Sydney’s biggest ever real estate transactions—and quite the payday for Brad Pillinger of Pillinger, who negotiated both—totalling around $130M.
$69M, Point Piper
Before Leo Lynch came along, the talk of the town was the $69M sale of a Spanish style 5 bed, 5 bath renovated waterfront property on the water in Point Piper. Earning a spot in Sydney’s top ten most expensive house sales ever, the home was built in the early 1930s and only changed hands three times in the following 70 or so years. With views across the harbour to Rose Bay and possessing one of Point Piper’s only permanent moorings, it was sold by property investor Rebecca Lacey, the wife of businessman Simon Ehrlich, who paid $10.5M for it in 2004.
In the beginning of September, Independent Sydney property developer Central Element snapped up six properties amalgamated across three lots between 20-22 Sandridge Street and 21 Wilga Street in Bondi. The site, which in its entirety covers just over 2,000 square metres, came with a price tag of $51M. The plan is to begin construction in 2025-26 on several high-end apartments and houses that will boast direct access to the Bondi to Bronte coastal walk, starting at a cool $20M per residence.
In May, Australian born, NYC-based advertising exec David Droga forked out “just under” $50M for a 4-bedroom brick bungalow on the clifftops of Tamarama in Sydney’s Eastern Suburbs. Though the exact sale price is unknown, the 1920s home known as ‘Lang Syne’ was last sold for £9750 – the equivalent of around $18,000 without adjusting for inflation. The sale dwarfs the previous suburb record of $29M for a home sold in 2021.
Also in May, a harbourfront modernist style property built in the 1960s sold for $32,180,000 in Clontarf, northern Sydney. Boasting seven bedrooms, eight bathrooms, an elevated podium pool, a basketball court, mini football field and private beach access, the mansion was paid for in cash by an undisclosed overseas buyer. Not a bad profit seeing as the property was last bought in 2016 for $11M.
Bellevue Hill, $30M
Set on the exclusive Cranbrook Road, a seven bedroom, 1,252sqm estate with panoramic views across the harbour and to the ocean sold for $30M in February this year. After 20 years living at the property known as’ Monkton’, the sellers were keen to downsize after their kids had all flown the (very fancy) coop.