PHOTO: Phoenix Acres was the second highest sale of 2017 at close to $67 million. Photo: Supplied
Getting a loan to buy a property in Sydney is no easy task, particularly if you’re in the small group of elite asking their bank for north of $20 million. But a deep dive into the holdings of Sydney’s richest homeowners reveals having a mortgage is often a strategic decision, rather than a necessity.
Settlement this week on Australia’s third most expensive house not only reveals the $65.25 million sale price through Ray White Double Bay’s Craig Pontey to hotel developer Dr Jerry Schwartz and his wife Debbie but also the lodging of a mortgage on title that is arguably among Australia’s largest residential home loans.
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