While Sydney is struggling with a housing shortage, the best of the best remains in high demand for the rich and ultra-wealthy. At nearby Crown Residences, billionaire James Packer bought a two-story penthouse for $72 million, while the top-floor penthouse remains unsold and is listed for about $100 million.
According to the latest Knight Frank Global wealth reportreleased in March, Sydney recorded 99 sales of more than $10 million ($15.3 million) in 2022, up from 69 in Geneva and 23 in Paris.
Sydney had seven ultra-luxury home sales worth more than $25 million, second only to Paris with six. One of the sales included Multiplex heir Andrew Roberts buying a Notts Avenue penthouse next to Bondi Icebergs in 2022 for $24 million.
Erin van Tuil, head of residential at Knight Frank, said the top end of the market was more resilient and much less likely to be affected by rising interest rates.
“That’s why we saw strong transaction activity in Sydney’s super and super luxury market last year, as the wider residential market experienced a lull in activity,” van Tuil said.
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