Jonathan Chancellor provides a delightful rundown on the 20 most expensive home sales in the Sydney region. It took a $9m sale to make the list, with the top spot going to the $23m sale of Kalua in Palm Beach. It’s a fun list, and by now you all should know how much we love LISTS!
Title Battle: Lists Always Win
Jonathan Chancellor over at Title Tattle could have broken news of a sale at Point Piper’s Altona (no such sale as yet), but it still would have been no match against Margie Blok’s Title Deeds. She had the ultimate trump card resting in her back pocket: THE LIST. As our readers may know, the Radical Terrace can’t get enough of lists; and we’ve been wanting for a 2011 top sales list. It never materialized in the summer months, but Margie has produced one in this week’s Title Deeds covering the last 12 months. Nice work. Now if only we can get an update to Jonathan Chancellor’s epic roll call back from 2002…
But now let’s do a bit of LIST ANALYSIS. First off, taking top prize, is the
Rose BayVaucluse acquisition by the expat Yang Family of a Hillside Ave for $21.5m. It’s an impressive house (designed by Tanner Architects) indeed, but for a non-waterfront, non-“landmark”/”trophy” house to take the top spot. Granted, the home is newly constructed since the parcel of land last traded in 1996 for just shy of $4m, but still, for a home we’ve never “heard of” to take top prize is an unusual event in the Sydney real estate world. However, it irks us that Margie calls the address Rose Bay, when it is clearly north of Towns Road, the established Vaucluse/Rose Bay border. Also to note is the high prevalence of Bellevue Hill non-waterfronts and Mosman waterfronts; a full 3 of the top 5 sales go to Mosman, an unusually high amount for the North Shore suburb and 7 of the top 20 are in the 2-0-2-3 of Bellevue Hill. The Eastern Suburbs once again dominates the list, but without the usual Vaucluse and Point Piper waterfront stalwarts we’ve come to expect. Let’s just pin it on the fact that some of the most desirable homes in Sydney on the market in the last 12 months are still on the market today…
1. Hillside Ave,
Rose BayVaucluse, $21.5m (pictured)
2. Bay St, Mosman, $20m
3. Hopetoun Ave, Mosman, $19m
4. Mandalong Rd, Mosman, $18m
5. Wolseley Rd, Point Piper, $18m
6. Bayview Hill Rd, Rose Bay, $15m
7. Wunulla Rd, Point Piper, $15m
8. Kirkoswald Ave, Mosman, $14m
9. Wunulla Rd, Point Piper, $13.6m
10. Victoria Rd, Bellevue Hill, $13.1m
11. Cranbrook Rd, Bellevue Hill, $13m
12. Victoria Rd, Bellevue Hill, $12m
13. Olola Ave, Vaucluse, $11.8m
14. McLean Crescent, Mosman, $10m
15. Wunulla Rd, Point Piper, $9.7m
16. Victoria Rd, Bellevue Hill, $9.5m
17. Drumalbyn Rd, Bellevue Hill, $9.4m
18. Angelo St, Woolwich, $9.2m
19. Drumalbyn Rd, Bellevue Hill, $9m
20. Ginahgulla Rd, Bellevue Hill, $8.5m
The Scorecard: Deeds: 7 // Tattle: 11
Vaucluse Mansion A Potential Loser
Last trading for $12.5m in November 2008, 21 Wentworth Road in Vaucluse has emerged on the market with meagre $12m+ hopes, representing a potential loss. Granted, 2008 was the year that anything seemed possible in the Sydney real estate market:
But that was a digression (because we love lists), and that’s only the homes that sold for over $20m in 2008. 21 Wentowrth Road’s $12.5m sale, sourced from property records, is weirdly absent from DysonAusten's research. The subject mansion has 6 large bedrooms, and 7 bathrooms (leaving a very good bedroom:bathroom ratio of 1:1.6!) and clocks in at a whopping 1,467sqm. Based on a 2001 Woollahra council development application, it appears that Benson & Partners Architects designed the home about a decade ago. The home sits north and captures killer harbour views; although if the home was on the other side of the street, it would nab that gun barrel view that would likely bump the asking price an additional $5-$7m. Other features include a floor plan so good, it looks straight up Southern Californian, a cinema (definitely Californian), and a very, very cramped backyard. Alain Waitsman and Bill Malouf of LJ Hooker Double Bay have the listing.So what say you, Radical Terrace readers? Will the home trade up on its $12.5m 2008 purchase price or will the owners cop a loss?UPDATE: Margie Blok is reporting that the home is hoping for $14m+. We’ll see what the market thinks!
- 23-25 Coolong Road, Vaucluse: $45m
- 73-75 Wolseley Road, Point Piper: $34.5m
- 23 Victoria Street, Watsons Bay: $28m
- 108 Wolseley Road, Point Piper: $27-$28m
- 4 Pacific Street, Watsons Bay: $22.5m
- 13-15 Ginahgulla Road, Bellevue Hill: $22m
- 138-140 Wolseley Road, Point Piper: $22m
- 114 Wolseley Road, Point Piper: $20.55m
- 99 Wentworth Road, Vaucluse: $20m
- PH/10 Wylde Street, Potts Point: $20m
Ask anyone walking on Swanston Street in Melbourne’s CBD what Victoria’s most expensive suburb is, and chances are 9 out of 10 will say Toorak, the holy grail of Melbourne suburbs. Ever since James Jackson’s 1849 Toorak House became home to Governor’s Residence from 1854 to 1876, Melbourne society shifted from their East Melbourne and St Kilda Road mansions to Toorak and have since remained. So what is Deepdene doing as Victoria’s most expensive suburb and Australia’s 6th priciest?!?
Just last October, as Jonathan Chancellor reported, Deepdene came second fiddle to Toorak, but not this time around. Clocking in with just 15 sales, Deepdene achieved a median price of $2.495m, $95k more than Toorak’s median price of 103 home sales. But what explains Deepdene’s expense and why haven’t you heard of it? Well, for starters, the suburb is very new. Although it’s original strip of stores hugging Whitehorse Road was developed nearly 100 years ago, Balwyn quickly enveloped the suburb and annexed it into the 3103 post code. Only in 2010 did Deepdene become an official suburb within the City of Boroondara, after a residents’ campaign (hello, Bondi Junction-turned-Queens Park!). And its high price? Well, it’s a bit misleading; Deepdene did not log any sales above $5m (unlike Toorak and a small handful of other Victorian suburbs), but it does have a consistent stock of homes in the $1.5m - $3m range with very few outliers, driving up the median price. The homes clustering around Whitehorse Road are most desirable and considerably more consistent in their inter-war architecture than neighbouring Big Brother Balwyn. Toorak has a (perhaps surprising) significant number of town houses and sub-$2m homes south of Toorak Road and west of Orrong Road.
No other suburbs come as much of a shock on the list. Noticibly absent Darling Point can thank too few sales to register on the list (10 were needed). What we at the Radical Terrace would truly love to see is a historical list, charting the relative desirability of suburbs over time (watching the Upper North Shore of Sydney fall off the list and the likes of Tamarama rise up). I guess we’ll just have to make that chart ourselves.
Photo credit: Property Observer
Title Battle: Deeds or Tattle?
Once again, Chancellor and his team at Tattle takes the crown. It was close though, namely because Margie over at Title Deeds broke news of the sale of The Radical Terrace’s favourite home north of the Bridge - the twice-featured Mandolong House - in Mosman. Setting a non-waterfront record for the suburb (but far off the non-waterfront record in Sydney; that honour goes to the $32.4m Craig-y-Mor sale in Point Piper), 17 Mandolong Street clocked in at $18m selling through Brendan Warner, whom Margie quickly points out is responsible for three other $10m+ sales in the suburb. The Radical Terrace thinks it may see where Margie’s tips are coming from…and we like it! Margie also represented the Eastern Suburbs with news of Nicole Hunter’s Olola Avenue house in Vaucluse selling around the $11.9m mark. Seeing that Hunter purchased the home for $8.5m in 2002 and hope to fetch $15m+ for the abode today, we can only guess she’s a bit disappointed with the massively discounted sale.
But Title Tattle didn’t fail to impress; most noteworthy was their subtle notice of a depression in Hawthorn prestige prices, noting the ~$8m sale of a Scotch Hill “original” that previously sold for $9m in 2007. The home was featured on The Radical Terrace last month. Chancellor’s Tattle continued on their Victorian property binge reporting on the sale of Mt Martha’s rather odd ‘Glynt Manor’, the even more peculiar mansard-roofed Coburg mansion ‘Kalimna' (that we featured last week), and the tough-to-sell Newport weatherboard of Scott Pendlebury. However, what really gave Title Tattle this week’s edge was a much-appreciated Radical Terrace shout-out and a LIST! You know we love lists, and even better: a list of 2011’s most expensive suburbs. Chuck in a tale of ‘Swifts’ property drama in Darling Point (this time it’s a noise complaint; the mansion is a sponge of drama), and you’ve got yourself a winner with Title Tattle.
The Scorecard: Deeds: 4 // Tattle: 11
Battle of the Titles: Tattler or Deeds? This Week It’s Deeds…
But not for lack of trying from Jonathan Chancellor at Property Observer. Although his piece was chock-full of (NSW-dominated) property gossip including the finally-sold Tamarama abode of estate agency scion Dan White for $6.6m, Margie Blok takes the cake for TOP SALES LIST! It may only be a top 20 apartment sales list, but it’s a top list nonetheless.
Turns out it took a $5m sale to make this sacred list of 20 and, as you may have guessed, it’s dominated by the Eastern Suburbs. And by dominated, I mean save for a $6.7m sale in Cremorne Point and a $5m sale in Mosman, the rest of the list was peppered with locations in the Points of Piper, Darling, and Potts. And taking the top two spots at $12.7m and $12.5m are Sydney’s newest prestige “suburb”: Hyde Park.
Bonus! Check out my super awful screenshot of a Google Map I created featuring the locations of the 20 top apartment sales!
Lists We Eagerly Await:
Top Sales of 2011. The information is out there, when will they get published? Hopefully in the near future I’ll be able to pull my own list up. Until then, here are some good sources for top sales:
SMH's list from 2002. Off the top of my head, there are three properties sold more expensive than the top spot, so it’s no doubt an outdated list. Still helpful. And interesting to note the absence of top end sales in the slump of the early 1990s.
Jonathan Chancellor over at Property Observer whets our appetite with his hints at 2011’s top sales list here. As of now, it looks like a non-waterfront in Vaucluse (the Rose Bay-side of Vaucluse, no less!) will top the list with a $21.5m sale.
And Dyson Austen routinely busts out some good quality top 10 lists going back several years. They have images, too!
Pictured: The unsold Altona on Wunulla Road, Point Piper. It’s hard to discuss prestige property in Sydney without mention of this manse. It’s been lurking on the market with $50m+ aspirations for quite some time now.