Wealthy home buyers went on a spending spree around Australia this year that saw some eye-popping sales, despite an ongoing real estate downturn.
More than $1.05 billion was spent on Australia’s top 30 residential property sales in 2022 alone. See the highest reported 25 sales of the year below.
The staggering spending spree resulted in one of the biggest years of top-end property sales on record, flying in the face of the rest of the market, after the Reserve Bank began the biggest succession of interest rate hikes in 30 years.
Mind-blowing new benchmarks have left homeowners in some of Australia’s most affluent postcodes with inflated and unrealistic expectations, with other properties priced beyond $20m struggling to sell, according to industry experts.
Melbourne’s ritzy suburb of Toorak scored the top two sales of the year around the country, both located on the same street.
A historic mansion at 17 St Georges Rd almost had the crown of most expensive house sale of the year when it sold for almost $75m in August.
But it was scooped by 27-year-old crypto king and Stake.com founder Ed Craven, who paid a staggering $80m for an unfinished mansion at No. 29-31 Georges Rd.
NSW dominated the list of the mega sales of the year, with their two highest deals closing in December for undisclosed sums that industry insiders reported were about $60m and $70m.
A circa $70m property – a sub-penthouse bought off the plan in the under construction building One Circular Quay in the CBD – was the highest residential sale of the year in NSW.
It was followed by the $62.75m sale of a 2400sqm luxury estate on Wentworth Rd in Vaucluse to the owners of China’s largest Toyota dealership.
Queensland’s biggest reported home sale of the year was a Shaun Lockyer-designed mansion on a oceanfront block at 24 Arakoon Cres, Sunshine Beach.The home sold for a whopping $28.5m and was built by Samantha and Brad Hopper, who had paid only $4.85m for the property in 2016.
It was closely followed by a record-breaking sale in Noosa Heads in November, when the founder of one of Australia’s biggest yoghurt producers forked out $27m for a waterfront home that was not even for sale.Jalna managing director Campbell McLaren and his wife, Pam, fell in love with the property at 12 Noosa Parade on the prestigious Noosa Sound when they were staying there on holidays.
SQM Research director Louis Christopher told The Daily Telegraph that the top-end of the housing market “outperformed” because it was largely immune to the forces pulling down prices in the rest of the market.He explained that the continued demand for high-end properties in cities such as Sydney highlighted the city’s robust economy, continued Covid recovery and enduring status as a global destination for the wealthy.“The economy is running hot,” Mr Christopher said. “The RBA is lifting interest rates because the economy is actually overheated, which as a result, is stoking inflation.
“(Top end) buyers are more affected by the state of the economy … such buyers are normally business owners, CEOs and other high net worth individuals who do best when their businesses and other income earning assets.
do well.“Such businesses and assets thrive under strong economic conditions, such as what we are having now … This is why the top end of the housing market has been outperforming in 2022.”
AUSTRALIA’S TOP RESIDENTIAL SALES FOR 2022
Address, suburb, state, price
1. 29-31 St Georges Rd, Toorak, Vic $80,000,000
2. 17 St Georges Rd, Toorak, Vic $70,000,000+
3. Sub-penthouse, One Circular Quay, Sydney, NSW $70,000,000
4. 38A Wentworth Rd, Vaucluse, NSW $62,750,000
5. Tirrikee, 3 Lindsay Ave, Darling Point, NSW $60,000,000
6. Coolong Rd, Vaucluse, NSW $60,000,000
7. Sub-penthouse 2, One Circular Quay, Sydney, NSW $60,000,000
8. Belhaven, Victoria Rd, Bellevue Hill, NSW $52,500,000
9. Akuna, Wolseley Rd, Point Piper, NSW $45,000,000
10. 802 Orrong Rd, Toorak, Vic $38,500,000
11. Rothesay, Cranbrook Rd, Bellevue Hill, NSW $37,000,000
12. STH BNK by Beulah sub penthouse, Vic $35,000,000
13. Woodlands, Wallarong Rd, Woollahra, NSW $35,000,000
14. 5 Yar Orrong Rd, Toorak, Vic $32,000,000
15. Wentworth Rd, Vaucluse, NSW $31,000,000
16. Iluka Rd, Mosman, NSW $30,500,000
17. STH BNK by Beulah apartment #1, Vic $30,000,000
18. STH BNK by Beulah apartment #2, Vic $30,000,000
19. 11 Collins Ave, Rose Bay, NSW $29,000,000
20. 24 Arakoon Cres, Sunshine Beach, Qld $28,500,000
21. 26 Albany Rd, Toorak, Vic $28,000,000
22. 167 Pacific Rd, Palm Beach, NSW $27,500,000
23. 12 Noosa Pde, Noosa Heads, Qld $27,000,000
24. 11 Pinehill Ave, Double Bay, NSW $26,800,000
25. 52 Hampden Rd, Armadale, Vic $26,510,000