Sydney Waterfront Real Estate Sales Record

Sydney Waterfront home sets real estate sales record

A Sydney waterfront home has become Australia's most valuable piece of real estate, selling for $21,000 a square metre!
The four-bedroom home, which sits on 860sqm in Sydney's exclusive Rose Bay, in the city's east, has changed hands for a little more than $18 million as the prestige property market continues to surge.

The buyer of the property is understood to be Hong Kong-based Chinese merchant banker Alwyn Heong, with his Sydney-based teacher boyfriend Ian Newton negotiating the purchase of the Sydney harbour-front home.
The property, at 2 Bayview Hill Road, is absolute waterfront and has westerly views of the Sydney harbour bridge and CBD skyline.
Neither Mr Heong nor Mr Newton could be contacted yesterday.
The agent who sold the property, Andrew Livingston of Richardson and Wrench, confirmed the sale.
"It is obviously my biggest sale, so needless to say I'm quite pleased," Mr Livingston said.
The sale is the latest in a spate of record-breaking deals in the prestige market, which has been fuelled by the three-and-a-half year share market bull run and burgeoning corporate salaries.
The previous record was set in May when a home on a 1228sqm block on Wolseley Crescent in Sydney's Point Piper, also in the east, sold for $24 million - $19,544 a square metre.
In September, a waterfront property in Dumaresq Road - next to Bayview Hill Road - sold for $14.2 million or $17,618 a square metre, which made it the second most expensive property by land area.
Sydney prestige property agent Di Jones, of Di Jones Real Estate, said demand for prestige property was expected to remain strong next year, unless there was an economic downturn or a major correction in the stock market.
"There's too much money in the stock market and banking - if a buyer really wants the property there doesn't seem to be a limit as to what they'll pay for it," Ms Jones said.
"Buyers don't tell you how much they have to spend - they just don't flinch at the price."
Brisbane prestige property agent John Johnston, of Dixon Johnston Quality Property, said top-end sales were also surging in the sunshine state, with one British merchant banker recently buying a $4 million Brisbane waterfront mansion sight unseen.
Mr Johnston said the profile of prestige property buyers had shifted in recent years.
"There are a lot more senior executives than company chairmen active in the market than there were five years ago," Mr Johnston said.

Source: The Australian