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Australia’s Real Estate Triumphs of 2024: A Billion-Dollar Year for Prestige Property
The Australian real estate market witnessed another extraordinary year in 2024, with record-breaking transactions and soaring sales in the ultra-prestige sector. As elite properties continued to draw both local and international buyers, the top 20 sales alone amassed an astonishing total of $1 billion. These milestones underscore the resilience and allure of Australia’s luxury property market.
Here’s an in-depth look at the standout sales, industry insights, and the trends shaping this remarkable year in real estate.
Record-Breaking Deals Highlight the Year
1. Elaine, Point Piper – $130 Million
The crown jewel of 2024 was the sale of Elaine, a historic Point Piper mansion on New South Head Road. This property fetched an incredible $130 million, matching the national record. Tech billionaire and Atlassian co-founder Scott Farquhar made headlines with this transaction, having purchased the property for $71 million in 2017. The sale, managed by Brad Pillinger and Ken Jacobs, underscores the sustained appetite for Sydney’s waterfront luxury homes.
The Point Piper mansion ‘Elaine’ on New South Head Road, Point Piper, was the nation’s highest property sale for 2024 at $130m. Picture by Damian Shaw
2. Rockleigh, Point Piper – Circa $85 Million
Another Point Piper marvel, Rockleigh on Wolseley Road, sold for around $85 million. Originally purchased in 1978 for a mere $325,000, the pale pink home represents the exceptional value growth in Sydney’s elite suburbs. The buyers, business tycoon Frank Qiang Geng and his wife, plan to rebuild the site into a new masterpiece.
Rockleigh, 120-122 Wolseley Road Point Piper in Sydney, sold for circa $85m in June. Picture: Richard Dobson
3. Alcooringa, Bellevue Hill – $80 Million
A Spanish Mission-style residence in Bellevue Hill sold for $80 million. Owned by food blogger Stephanie Conley-Buhre, this historic property attracted global interest, with the buyer introduced by Simon Cohen of Cohen Handler.
Alcooringa, a trophy home for sale in Bellevue Hill in Sydney, sold for $80m in August.
4 & 5. Sub-penthouses, One Circular Quay – $61.75 Million and Circa $60 Million
The luxury apartments in One Circular Quay, Sydney’s iconic harbourfront development, set records with two sub-penthouse sales. The project, slated for completion in 2026, continues to be a magnet for high-net-worth individuals.
Market Insights: What Fueled the Surge?
Prestige agents like Brad Pillinger and Michael Pallier report unprecedented activity this year, bolstered by favorable economic conditions.
- Exchange Rates and Stock Market Rally: A weaker Australian dollar in the latter half of the year boosted interest from overseas buyers, particularly those trading in US dollars. The stock market rally provided buyers with additional liquidity to invest in high-end properties.
- Buyer Trends: While homes under $20 million faced softening demand, properties in the ultra-luxury segment remained resilient, often sparking competitive bidding.
- Strong Year-End: Following the US election, sales surged, with an uptick in international transactions as global investors regained confidence.
Sotheby’s reported $3 billion in turnover across Sydney, the Southern Highlands, and Byron Bay, highlighting the robust demand across these sought-after regions.
Other Notable Sales Across Australia
Beyond Sydney, cities like Brisbane, Melbourne, and the Gold Coast also saw record-breaking transactions:
- Brisbane: A luxury home in Ascot broke records with its $23 million sale, marking the city’s most expensive residential transaction.
- Gold Coast: Clive Palmer’s $28 million purchase of a beachfront home on Mermaid Beach highlighted the region’s appeal.
- Melbourne: A historic Toorak mansion designed in the 1920s fetched $40 million, the highest sale in the city for the year.
69 Fitzwilliam Rd, Vaucluse sold in November.
The Full List of Australia’s Biggest Home Sales of 2024
- Elaine, Point Piper – $130M
- Rockleigh, Point Piper – Circa $85M
- Alcooringa, Bellevue Hill – $80M
- Sub-penthouse, One Circular Quay, Sydney – $61.75M
- Sub-penthouse, One Circular Quay, Sydney – Circa $60M
- 69 Fitzwilliam Rd, Vaucluse – $52M
- Notrella, Point Piper – $51.5M
Notrella sold in March.
8Monkton, Bellevue Hill – $43.5M
96 Victoria Rd, Bellevue Hill – $42M
Kia Lama, Mosman – $40M
[Complete List Continues Below]
Trends to Watch in 2025
As 2025 unfolds, market performance will hinge on several key factors:
- Interest Rates: Fluctuations will heavily influence buyer confidence, particularly in the sub-$20 million segment.
- Economic Conditions: Global economic trends, including stock market performance and currency movements, will remain crucial drivers.
- Sustainability: The demand for eco-friendly and energy-efficient luxury homes is expected to rise as sustainability becomes a priority for high-end buyers.
35-39 Albany Rd, Toorak, sold in March.
Australia’s luxury property market has proven its resilience and dynamism, achieving a remarkable $1 billion in top sales during 2024. These results reflect not only the country’s robust economic fundamentals but also the growing global demand for elite Australian real estate.
With an optimistic outlook for 2025, Australia remains a top destination for high-net-worth individuals seeking unparalleled properties in breathtaking locations.
For those eyeing their next dream home or investment, now is the time to explore the opportunities that await in this vibrant and ever-evolving market.
SOURCE: REALESTATE.COM.AU