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Dr. Chau Chak Wing, a Chinese billionaire property developer, admits he didn’t even bother with a walk-through before submitting a $70 million check to James Packer for the La Mer mansion in Vaucluse back in 2015, that was a new residential record in Australia, costing nearly twice as much as the second most expensive lot, Mandalay, Point Piper, which sold for $39.9 million.
Three years later, computer millionaire Mike Cannon-Brookes and his wife, Annie, reportedly paid $100 million for Lady Fairfax’s Point Piper property Fairwater, which is now Australia’s most expensive home. The eastern suburbs, which accounted for the top spots, were once again the location to buy for those lucky few with the funds to splurge.
So, buckle up! Let us know the most expensive houses in Sydney, Australia and find out how serious money is spread around!
The Most Expensive Houses in Sydney, Australia
10. Wunulla Road, Point Piper, $18 Million
After spending more than $18 million for his new Wunulla Road mansion, South African Nando’s billionaire Dick Enthoven became the latest of Point Piper’s exclusive waterfront residents. The projected net worth of the co-owners of the global food chain, the Hollard Group of insurance businesses, and Spier Wine Farm is US$1.1 billion. His new property has a boat shed and ramp, a jetty, a pool, a theatre, elevator access to all levels, alfresco patios, and full-length windows with views from all four floors.
9. Bulwarra, Hunters Hill $19 Million+
The home of actress Cate Blanchett and her husband Andrew Upton was purchased by Chinese purchasers who already owned property in Point Piper in less than three weeks. Despite the fact that the price was never officially disclosed, it is estimated that the historic landmark mansion sold for around $20 million due to strong buyer demand. Since buying the 3642 square meter property from merchant banker Jim Dominguez and his wife Suzanne for $10 million a decade ago, the creative couple had put a lot of money into it.
8. Loch Maree, Vaucluse, $24 Million
Jerry Schwartz, a cosmetic surgeon turned hotel mogul, and his wife Debbie are the third owners of this magnificent beachfront property. Gordon Barton, the late IPEC founder, built the Michael Dysart-designed home in the early 1970s. It was last sold for $4.75 million in 1993, when it was purchased by entrepreneur Duncan Saville and his wife Julie.
7. Indah, Rose Bay, $27 Million
The crash pad of New York-based investment manager Alwyn Heong was purchased by expat UK barrister Georgina Black after a recent $6 million restoration. She is the wife of Graham Edwards, the chief executive of Telereal in the United Kingdom. Mortgage broker Matthew Sample last sold the five-bedroom property in 2006 for $18.2 million. The swimming pool was relocated and the indoor living quarters were opened up to take advantage of the gun-barrel view of the Harbour Bridge.
6. Wolseley Road, Point Piper, $28 Million
Qingling Wang, a 25-year-old software professional, recognizes a nice ‘do-up’ when he sees one and swooping in on this’renovator’s joy.’ The prior owner is said to have spent $12.85 million on the Vaucluse slow-mover of John Grant, a former investment banker and venture entrepreneur.
5. Leura, Bellevue Hill, $30 Million
The property was sold by businessman Ken Allen and his wife, Christine, to an Australian Chinese buyer the day before it was to be auctioned, and for more than its initial $30 million guide price. The mansion, which was built in the Federation Queen Anne style in the 1890s for Tom Knox, managing director of the Dalgety stock and station agency and sits on a massive 4260 square metre plot, with eight bedrooms, eight baths, a ballroom, tennis court, and a swimming pool.
The home has been held by calendar-company businessman Ken Allen and his wife Christine since 1986, when it was once owned by Cranbrook and operated as a boarding house. When property developer Bob Ell bought Addenbrooke, the previous Bellevue Hill price record was $28 million.
The Bellevue Hill trophy mansion Leura, which sold for $30.8 million in late 2015, is on the market again, this time for $70 million. When it was purchased by Chinese-Australian billionaire Wilson Lee and his wife Baoyu Wu one day ahead of a scheduled auction, the historic estate created by government architect Walter Liberty Vernon and architect Howard Joseland on roughly 4300 square metres set a suburb high.
4. Gladswood Gardens, Double Bay, $38 Million
The stunning five-bedroom home on 1145 square meters has been shopped about off-market by a few realtors in recent weeks with hopes of fetching $40 million. The deal was disclosed after one of the agents was beaten to the selling post by Bill Malouf of LJ Hooker Double Bay. Malouf, on the other hand, has remained silent.
The Gladswood Gardens home, which has a pool, jetty, and mooring, was originally advertised for $40 million in 2010, but was recently relisted following the Roberts’ record $25 million double-penthouse acquisition in the Pacific Bondi last year through McGrath’s Steven Chen. A Chinese buyer recently matched that Australian apartment record by purchasing the penthouse in Melbourne’s tallest building, Australia 108.
Lee Seng Huang, a Malaysian property magnate, and his wife pounced on this waterfront estate, which was previously held by Multiplex billionaire Andrew Roberts. The eight-bathroom property has a private jetty, mooring, boat store, and infinity pool and is situated on 1145 square meters of north-facing land with a water frontage of more than 55 meters. The three-story mansion was finished in 2005, with a design by renowned architect Frank Lloyd Wright. According to Core Logic documents, Mr Roberts paid $10.1 million for the site in December 2003.
When Mr Roberts and his siblings Denby and Tim sold their stake of Multiplex to Brookfield in 2007, they made roughly $1.2 billion. John Roberts, their late father, created Multiplex in 1962. According to domain records, the previous Double Bay high was $12.6 million paid by the Boyarsky family in 2013 for a beachfront home with a boatshed on Bay Street.
3. Mandalay, Point Piper $39.9 Million
Mandalay has a $40 million price tag and offers one of the best views of Sydney Harbour. The 1900-square-metre house, located at the pointy end of Wolseley Road, is one of the few with panoramic views ranging from the Harbour Bridge to Manly. The Mandalay was manufactured in 1954 for Bill Stack, a GM dealer, and last traded in 2004 when businessman Kerry Manolas sold it to the US-based Webbs.
The property was redesigned by architect Michael Suttor, with interiors by Michael Love. Original Mediterranean elements, colonnaded terraces, and elegant wrought iron balustrades have replaced some of the more sumptuous internal finishes and frescoed ceilings. It’s a lovely three-story home with that vista from nearly every room, including the entry foyer, formal and casual living spaces, and five bedrooms.
The Point Piper trophy home was sold to Phillip Dong Fang Lee, a road construction developer, and his wife. The five-bedroom, five-bathroom European style mansion with Harbour views was purchased for $20 million in 2004 by Toorak-bound ex-tobacco boss Bill Well. It was another non-waterfront property record for Sydney at the time, surpassing the $39 million paid by Chinese billionaire Xu Jiayin for the Villa del Mare mansion a few doors away late last year.
On the lower level, there are also self-contained quarters, a study, a swimming pool, gym, and sauna, as well as a large subterranean garage that was almost converted into a self-contained apartment at one point. It’s listed alongside LJ Hooker Double Bay’s Bill Malouf and Black Diamondz Concierge’s Monika Tu.
2.La Mer (Vaucluse), $70 Million
La Mer sold for $70 million in a private sale in 2015, before the two previous entries on this list were sold. In 2009 and 2010, James and Erica Packer bought the property and two adjoining homes. They demolished the other two houses after that and hired Tzannes and Associates to design an addition, with substantial portions of it underground.
This architectural jewel, which was updated from the original Guilford Bell design by Alex Tzannes, was promptly snatched up by Dr Chau Chak Wing, the Chinese property billionaire, once he received approval from his wife, who lives full-time in Australia. The 3345sqm estate, which was once owned by James Packer and his ex-wife Erica, is now officially Australia’s most expensive residential property. The previous peak was $57.5 million for a Perth riverfront compound in 2009.
It’s easy to see why the property’s spectacular six-story mega house became one of the world’s most costly properties.
1. Fairwater, Point Piper, $100 Million
Mike Cannon-Brookes, a tech millionaire, and his wife Annie have purchased Fairwater, Australia’s most expensive home, ending more than a century of Fairfax family ownership.
“We are delighted with the purchase of Fairwater for our young family and look forward to continuing the legacy of this beautiful Sydney home,” Cannon-Brookes gave Domain an exclusive statement.
“We love the idea of raising our four young children in this historic property, filling the house and gardens with love and laughter through the years.”
The 1.12-hectare estate was sold in little over two weeks, according to reports, and given how rapidly it sold, it is projected to sell for close to $100 million. The executors of the estate of the late Lady (Mary) Fairfax, who died in year 2017 at the age of 95, sold the largest privately-held property on Sydney Harbour and one of the country’s most valuable heritage houses.
Fairwater was not expected to be sold for another 20 years after a rumour said Lady Fairfax intended to leave it to the people of NSW. However, that information was never confirmed, and the executors listed it with Ken Jacobs of Christie’s International earlier this month. The harbourfront property has a swimming pool, private beach access, and wraparound terraces with continuous water views, as one would expect from a 100-million-dollar estate.
Inside, stained glass windows, elegant gold detailing, and solid wood accents are among the historical mediaeval and Queen Anne-inspired features found in the turreted bedrooms and living areas. Along with several artworks and sculptures, velvet furnishings in forest green, deep crimson, and gold fit the architectural style of the residence.
Whatever awaits Cannon-Brookes, his wife, and their four young children at Fairwater, there’s no doubt that the sprawling estate will give the ultimate in creature comforts.
So, what are your thoughts on the most expensive houses in Sydney, Australia in 2022? Would you buy one of these properties if you had the money? Leave a comment below!
Related: The Top 10 Most Expensive Houses in Brisbane, Australia
