As Sydney’s luxury real estate market experiences a slowdown in trophy sales, a standout transaction has emerged in Rose Bay. A harbourfront property has changed hands for approximately $38 million, marking the city’s third-highest house price sale of the year.
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The five-bedroom residence at Fernleigh Gardens, perched on the Rose Bay hillside, boasts uninterrupted views of Sydney Harbour. The property is a testament to luxury living, featuring a home theatre, lift, spa, sauna, pool, and gymnasium. These amenities, coupled with its prime location, justify its hefty price tag.
This sale represents a significant appreciation in value since its last transaction in 2017, when it sold for $19.18 million. The nearly twofold increase in just six years underscores the enduring appeal of Sydney’s premium waterfront properties.
In the context of Sydney’s high-end real estate market, this sale is particularly noteworthy. While the market has seen a decrease in trophy sales compared to previous years, this transaction stands out. It’s surpassed only by two other sales this year: the Rockleigh mansion in Point Piper at close to $82 million, and a Point Piper home that sold for over $50 million.
The Rose Bay sale contributes to a select group of ultra-high-end transactions in 2024. To date, there have been eight sales exceeding $30 million this year, a stark contrast to the same period last year when that number was reached in May alone.
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This sale not only highlights the enduring appeal of Sydney’s harbour views but also demonstrates the resilience of the top end of the market, even in a period of overall market cooling. As the year progresses, it will be interesting to see if this sale catalyses further activity in Sydney’s luxury property sector.
Published 26-September-2024
