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Sydney’s Luxury Residential Property Market Bucks Trends
While the rest of the Sydney property market appears to have steadied over the last 6 months, the luxury property market or ‘prime’ which refers to the top 5% of the market by value is enjoying consistent growth.
Knight Frank’s Prime Residential Review 2018 reveals that over the last 10 years Sydney has experienced total prime capital growth of 61.7% with 8.7% of this growth being in the year ending March 2018.
This makes Sydney the 9th best performing city globally for growth.
Pillinger’s Sales Review 2018
A review of Pillinger’s last quarter corroborates these results showing that the Sydney luxury property market is indeed going from strength to strength.
The quarter started well for Pillinger with former Treasurer Joe Hockey’s sale of his 15 year held Sydney base. Shortly after, Australia’s biggest land holder and retailer, Brett Blundy sold his 19 Bayview Avenue, Rose Bay residence after two years of marketing for an undisclosed price. The property was last listed at $47m. Accountant Lawrence Myers and wife Sylvia made this year’s biggest purchase to date, on the back of their move from Dover Heights late last year, all under Pillinger’s purview.
In completely separate transactions, over $30m has been achieved for an amalgamated site in Dover Heights. Brad Pillinger then went on to sell 48 Wunulla Road for Tiffany & Ben Tilley. The Point Piper Suttor designed residence, which was built by Malcolm & Lucy Turnbull, sold to Jonathon Newton for $19.25m.
Simon & Jessica Tilley moved from Buckhurst Ave to Wentworth Place, Point Piper. Harry Michaels wanted to place his daughter Natalie somewhere a little bigger for her growing family, so they acquired 2A Buckhurst Avenue, Point Piper pre-auction for over $5m.
Craig & Nerida Caesar’s 138 Ocean Street, Woollahra terrace was auctioned and sold for over $4.25m, whilst the sale of 49 Queens Street, Woollahra for $4.5m notched over 40 sales in 20 years with Pillinger for Bruce & Nicky McWilliam as vendor or purchaser with the properties ranging in values from $227k to $30m.
The penultimate, 3 bedroom, off the plan terrace at 88 Gloucester Street The Rocks in the Harrington development was sold by Pillinger for just under $5m for vendors Golden Age & Hannas and the final 3 bedroom terrace offering of 76 Gloucester St The Rocks will hit the market next month.
An auction record was achieved for Old South Head Road, Vaucluse with the $8.2m sale of number 148, and a unit at 50 Darling Point Rd, Darling Point sold for $1.255m which was well above expectations. Australian cricket XI spinner Nathan Lyon sold his superfluous Vaucluse unit for $1.085m post auction to complete a quarter that has been productive across all price points.
We eagerly anticipate this quarters sales, the market continues to respond to our considered deliberate and client orientated approach.