Gabriel Carreno
Regional Director - Residential
Sydney's prestige property market has shown resilience in 2024, driven by strong demand and a scarcity of supply.
While higher interest rates have impacted broader segments, the prestige sector has remained insulated by the financial strength of high-net-worth individuals, and the limited availability of quality stock continues to fuel strong competition, particularly for turnkey homes and waterfront properties.
While demand remains strong, signs of shifting sentiment are emerging within some sectors of the market as price growth moderates, and vendors adjust their price expectations to reflect current conditions.
Despite continuing to outperform the broader market, challenges such as inflation, geopolitical tensions, and global economic uncertainty could influence market dynamics, though the extent to which these factors will impact the top tier of the market if at all, remains uncertain.
City and Eastern Suburbs
The prestige property market in Sydney's Eastern Suburbs continues to be underpinned by high demand for luxury residences and limited supply.
This affluent region remains highly sought-after by both domestic and international buyers, with its proximity to Sydney's iconic beaches and Sydney’s CBD, being a catalyst for high-net-worth individuals unparalleled lifestyle opportunities.
Properties with direct waterfront access or unobstructed views continue to command significant premiums, often achieving record-breaking prices, with the enduring demand for trophy homes in Sydney’s Eastern Suburbs highlighted by the recent record-equalling $130 million sale of ‘Elaine’.
‘Wingadal’ – circa $200 million
The most anticipated property to come onto the market in 2024, is that of ‘Aussie’ John Symonds Trophy Home in Point Piper known as ‘Wingadal’.
Taking 8 years to build and with a reported offer of $110 million knocked back in 2017, the property has been re-listed for sale with price expectations of $200 million plus.
If sold, this property will set a new precedent for a residential property nationally, well exceeding the highest residential sale price of $140 million, set in 2019, by the consolidation of penthouses at One Sydney Harbour in Barangaroo.
‘Elaine’ - circa $130 million
Equalling the national ‘house’ price record of $130 million, ‘Elaine’, has reportedly been sold by Tech billionaire Scott Farquhar.
Previously transacting in 2017 for $71 million, this exclusive estate occupies an expansive 7,000 square metres of prime harbourfront land and is considered among the most desirable properties in Australia.
The recent sales of Rockleigh, Boomerang, and Alcooringa, complete the top four residential property transactions of 2024, reflecting the continued strength of the high-end housing market.
‘Sub Penthouse – One Circular Quay’ – circa $61.7 million
Demand for luxury apartments in Sydney also continue to soar, with the recent off-the-plan sale of a sub-penthouse in Lendlease's prestigious One Circular Quay tower.
Reportedly transacting for $61.7 million, this sale surpasses the $60 million purchase of an ultra-luxurious penthouse in the ANZ Tower in 2021, and it now stands as the second-highest price ever paid for a residential apartment in Australia, trailing only the record-setting $140 million consolidation of penthouses at One Sydney Harbour in Barangaroo.
Top 5 Sales in 2024
North Shore & Northern Beaches
The prestige property market on Sydney's North Shore and Northern Beaches continues to outperform the broader market, driven by strong interest from both overseas buyers and domestic purchasers, including those from the Eastern Suburbs.
A shortage of available prestige properties in the Eastern Suburbs is prompting buyers to explore more affordable acquisition options on the North Shore and Northern Beaches.
This trend underscores the area's appeal as a value alternative, contributing to competitive market conditions and bolstering its status as a sought-after destination for high-end property buyers.
‘Kia Lama’ – circa $40 million
In 2024, Mosman’s property market reached a historic milestone with the record-breaking sale of ‘Kia Lama,’ a sprawling 2,600-square-metre estate, selling for an estimated $40 million.
This grand estate surpasses the previous $33 million record, set in March 2022 of 31 Stanley Street, Mosman, positioned on the Balmoral slopes.
This sale underpins Mosman's prestige and strong demand for larger estates, solidifying its status as one of Sydney’s most desirable locations.
44 Bower Street, Manly – circa $35 million
The $35 million sale of 44 Bower Street in Manly has set a new benchmark, surpassing the previous record by $10 million, set in May 2022 at nearby 77 Bower Street, Manly, with both properties being subject to leasehold tenure.
Designed by renowned architect Madeleine Blanchfield, the newly built residence commands a prime northerly aspect and 180-degree panoramic views extending out over Shelly Beach and the Fairy Bower headland.
This sale marks the highest sale price in Manly's history and the second-highest on Sydney’s Northern Beaches, surpassed only by ‘Anakela’, a $40 million Pittwater estate in Palm Beach that sold in 2022, and highlights the continued demand for premium properties in the area.
Top 5 Sales in 2024
Market Outlook for 2025
Despite recent robust market activity, the outlook for Sydney’s prestige property market in 2025 remains mixed. While there appears to be a change in sentiment within some sectors of the market, prestige real estate continues to attract high-net worth investors seeking diversification.
Strong population growth, coupled with rising incomes at the upper end of the spectrum, continues to increase competition for luxury properties across Sydney. However, this demand surge has not been matched by a corresponding increase in the supply of prestige homes.
With high demand and limited availability, the current strength of Sydney’s prestige market is likely to persist as we lead into 2025.
Image credit: Sydney Morning Herald, News.com, Domain and RealEstate.com
Gabriel Carreno
Regional Director - Residential
gabriel.carreno@opteonsolutions.com
0408 176 661
Subscribe to receive the latest property insights here:
