With a median house price of $1,110,660, Sydney is the highest priced city in Australia. When it comes to luxury homes, the most expensive houses in Sydney are a seemingly endless series of architectural masterpieces.
Even with the ebbs and flows of the Australian property market, Sydney’s eastern suburbs continue to dominate the countdown of the most expensive properties yet again.
To give you a rough idea of what the luxury property market looks like, let’s start with a brief history of the most outrageous prices in the past decade.
Suggested Reading: It’s no surprise that Sydney has the most expensive suburbs in Australia. But can you guess where else?
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A brief history of the most expensive houses sold in Sydney
#5 Most Expensive House Sold in Sydney
- Price: $40 million
- Property: The Mandalay, Point Piper
- Year: 2015
- Median house price in Point Piper: $9,900,000
Here’s a good introduction of the luxury of living in Sydney. In 2015, a couple sold their gorgeous Point Piper European villa to a Chinese buyer for just above $40 million, making Wolseley Road one of the most expensive streets in Sydney.
Named The Mandalay, the price was surprisingly steep for a non-waterfront home. Having said that, the six-bedroom, five-bathroom mansion features a heated pool, gym, sauna and wine cellar.
#4 Most Expensive House Sold in Sydney (2 of them)
La Mer, Vaucluse
- Price: $70 million
- Property: La Mer, Vaucluse
- Year: 2015
- Median house price in Vaucluse: $8,600,000
That same year, the Vaucluse mega-mansion La Mer broke the record again with a 70 million dollars sale to Dr Chau Chak Wing – a Malaysian casino tycoon and billionaire, worth $1 billion. The same home had earlier broken the record in 2013 when it sold for $52 million.
3 Lindsay Avenue, Darling Point
- Price: $70 million
- Property: Tirrikee, Darling Point
- Year: 2021
- Median House Price in Darling Point: $6,825,000
Thus $70 million Darling Point mansion was sold in 2021. ‘Tirrikee’ spans 2,396 sqm, offering 54m of waterfront, six bedrooms, a gym, and a guesthouse.
The property highlights unparalleled views of Sydney Harbour, with Paul Biller claiming it’s Australia’s finest waterfront residence. Neighbors include mogul Kerry Stokes.
#3 Most Expensive House Sold in Sydney
- Price: $100 million
- Property: Fairwater, Point Piper
- Year: 2018
- Median house price in Point Piper: $9,900,000
Following those is a stream of multimillion dollar price tags, many of them paling in comparison to the $100 million purchase of the Fairwater estate in Point Piper by Mike Cannon-Brookes in 2018. But guess what? This isn’t the most expensive property sold in Australia.
#2 Most Expensive House Sold in Sydney (but it’s an apartment)
- Price: $140 million
- Property: One Sydney Harbour
- Year: 2019
- Median unit price in Barangaroo: $6,580,000
Holding first place is the jaw-dropping sale of One Sydney Harbour’s penthouse (pictured above) for a whopping $140 million in 2019. It remains, till this day, the most expensive house or property ever sold in Sydney.
To the victor go the spoils! The nine-bedroom apartment with an 8-metre ceiling boasts a design by the notorious Renzo Piano and leading interior designer Daniel Goldberg.
#1 Most Expensive House Sold in Sydney
- Price: $130 million
- Property: Uig Lodge, Point Piper
- Year: 2022
- Median house price in Point Piper: $9,900,000
UIG Lodge is a waterfront mansion located in Point Piper. The house was built in 1963 by Sir James Matheson, a Scottish businessman and philanthropist. The house has been owned by a number of wealthy individuals over the years, including the late media mogul Kerry Packer.
UIG Lodge is a sprawling property with over 10,000 square feet of living space. The house has 12 bedrooms, 18 bathrooms, a tennis court, a swimming pool, and a helipad. The house also has stunning views of Sydney Harbour.
In December 2022, UIG Lodge sold for $130 million, making it the most expensive house ever sold in Sydney. The buyer of the house is not publicly known, but it is believed to be a wealthy individual from China.
But of course, if these aspirational properties aren’t for you, you can browse our round up of houses for sale in Sydney under $500,000.
Why are houses in Sydney so expensive?
There are several reasons why houses in Sydney are expensive including the city’s population growth, favourable weather and geographic location and economic factors. Here’s a closer look at these:
1. Demand and Supply Dynamics:
Population Growth: Sydney’s population growth has fueled demand for housing. As more people move to the city, the demand for homes increases, which in turn drives up prices.
Housing Supply Shortfall: There’s been a larger than expected increase in migration, leading to a low supply of homes that could approach 175,000, equating to a housing need for about 450,000 people.
2. Economic Factors:
Interest Rates: The Reserve Bank’s interest rate policies have had a significant impact on Sydney’s housing market. For instance, pauses in rate hikes have been seen to boost confidence in the housing market and keep prices rising.
Conversely, periods of interest rate hikes have put downward pressure on prices, although the market has shown resilience and bounced back.
Inflation: The link between inflation and interest rates is crucial in understanding housing prices. Rising prices can lead to higher interest rates, which, in turn, can affect housing affordability and mortgage rates.
3. Investor Activity:
Higher levels of investor activity have also been a driving factor behind price growth in Sydney’s housing market.
4. Economic Growth and Housing Demand:
Sydney has witnessed a growth in demand for housing, which is anticipated to continue over 2023, driving a forecasted price growth of 5 to 9 percent.
Each of these factors, among others, contributes to the complex housing market dynamics in Sydney, leading to the high prices observed in the city.
Most expensive houses in Sydney on sale right now
Point Piper Mansion
- Price guide: TBD
- Size: 3 Bedrooms, 4 Bathrooms
- Median house price in Point Piper: $9,900,000
Nestled into a hillside with panoramic views of Sydney Harbour, this Mark Pearse creation is a blend of innovative and eco-friendly design. Located on Australia’s elite street, its north-facing orientation offers mesmerizing views of Shark Island and the harbour.
Designed as a glass pavilion, it seamlessly merges indoor and outdoor spaces, providing a serene escape. Key features include flourishing gardens, a unique stairway with a glazed roof, and a 15m heated pool.
With meticulous attention to detail, from European Oak floors to automated curtains, this home is a masterpiece of both aesthetics and functionality.
Explore more real estate for sale in Point Piper NSW.
Bellevue Hill Family Home
- Price guide: TBD
- Size: 6 Bedrooms, 6 Bathrooms
- Median house price in Bellevue Hill: $9,085,000
Owned by a single family for 37 years, this spacious home stands on strong foundations, ready for modern upgrades. Located in the esteemed Bellevue Hill on a vast 1,176sqm plot, it offers multiple living spaces suitable for big families.
The modern kitchen, featuring double ovens, leads to an outdoor courtyard and a sunny backyard with a pool. Nestled among mature gardens, it’s close to top schools, shops, cafes, and Double Bay.
Uncover more real estate for sale in Bellevue Hill NSW.
Pyrmont Penthouse
- Price guide: TBD
- Size: 5 Bedrooms, 5 Bathrooms
- Median house price in Pyrmont: $1,950,000
The REVY Penthouse is a unique single-floor dwelling with five bedrooms, a luxurious master suite, and an optional sixth room or office. It offers a private terrace showcasing Sydney’s stunning vistas.
The interior boasts parquet floors, a gourmet kitchen with Sub-Zero and Wolf gadgets, marble-clad bathrooms, bronze accents, and direct elevator access from secure underground parking.
See more more real estate for sale in Pyrmont NSW.
Expensive properties in Sydney sold in 2023
Jenner House, Potts Point (Sold)
- Price guide: $34 million (sale price undisclosed)
- Size: 6 Bedrooms, 8 Bathrooms
- Median house price in Potts Point: $5,300,000
After two years on the market, the Jenner House sold under the hammer in April 2023. The sale price remains undisclosed.
The Jenner House was a rare find—from its beautiful heritage architecture to the expansive square footage, a property like this doesn’t come across often.
See more houses for sale in Potts Point, Sydney.
The Perfect Woollahra Family Home (Sold)
- Price guide: TBD
- Size: 5 Bedrooms, 4 Bathrooms
- Median house price in Woollahra: $4,620,000
Sold in February 2023, this stunning standalone Federation home, located in the posh Wellington Street has everything you need for a life of luxury. It boasts a spacious 744 square metre land parcel, complete with a beautiful north-facing forecourt garden, a central courtyard, and a big rear garden that you can access through Osborne Lane to get to the garage and artist’s studio.
Step inside and be amazed by the grand reception room and drawing room that lead the way to a collection of stunning spaces, including a top-notch kitchen, luxurious bedrooms, with a king-sized master suite, a modern office, and a gymnasium.
This home has a lot more to offer, and it’s nestled in an exclusive row of prestige homes, just three doors down from Chiswick Gardens and a short walk from the charming Queen Street Village and Edgecliff Station.
Explore more real estate in Woollahra.
More on the most expensive houses in Sydney
Where is the most expensive house in Sydney?
The most expensive house in Sydney is located in Point Piper, a suburb on the lower North Shore of Sydney. The house is known as UIG Lodge and it sold for $130 million in December 2022.
Who owns the most expensive houses in Sydney?
The identities of the owners of the most expensive houses in Sydney are not publicly known. However, it is believed that some of the owners are wealthy individuals from Australia, China, and the United States.
What is the richest suburb in Sydney?
The richest suburb in Sydney is Bellevue Hill, a suburb on the lower North Shore of Sydney. The median house price in Bellevue Hill is $8.75 million.
Which house sold for $100 million in Sydney?
The house that sold for $100 million in Sydney is known as Fairwater. It is located in Double Bay, a suburb on the eastern shore of Sydney. Fairwater was sold to Mike Cannon-Brookes, the co-founder of Atlassian, in 2018.
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