Record luxury property prices were achieved in the first quarter of the year in major capital city markets as domestic and international buyers vied to capture a prized property in a tight market.

The continued lack of quality prestige product in the market coupled with early signs of a boost to housing confidence continues to positively impact the upper end of the property market. Equity markets at record levels and easing inflation and cost-of-living pressure coupled with the expectation of rate cuts later in 2024 are positive factors providing impetus. The strong prices that continue to be seen in the prestige market are underpinned by the combination of a continued lack of upper-end supply and the return of wealthy purchasers from mainland China and appeal of Australia as a desirable destination in which to invest.

The prestige buying cohort remains largely unaffected when compared to the broader market as buyers within this segment of the market are generally less sensitive to interest rate movements or a slowing domestic economy.

Since the start of the year the most expensive sale was in Sydney’s Elizabeth Bay where a 25-room, Spanish mission-style mansion on 4,233sqm of waterfront land with harbour views known as ‘Boomerang’ at 42 Billyard Avenue was purchased by a buyer originally from Asia for $80 million in February making it the highest sale his year so far.

When it comes to Australia’s most expensive properties, Sydney’s eastern suburbs and northern beaches and Victoria’s Toorak lead the way. Here we take a closer look at luxury locations across the country:

Melbourne

In Melbourne, the most expensive property to change hands since the start of the year was in Toorak with the sale in February of a 1929-built five-bedroom, six-bathroom Georgian-revival style mansion known as ‘Karum’ at 14 St Georges Road which sold off-market to an unidentified buyer understood to be a local Melbourne family for $40 million.

The second-highest sale so far this year also occurred in Toorak, where a fully renovated ten-bedroom, circa-1941 Georgian Revival mansion at 35 – 39 Albany Road on a large 3,611sqm parcel with pool and tennis court has sold in March for $38 million. The next highest sale was an eight-bedroom mansion with pool and tennis court on a 2,639sqm land parcel at Clendon Road, known as ‘Dunraven’ which sold in February off-market for $36 million which was closely followed by a 19.8-hectare Mornington Peninsula holiday property at 4445 Frankston Flinders Road Flinders which sold in January for $20.5 million.

Toorak features heavily in Victorian prestige sales to date including a four-level contemporary mansion in Myvore Court has which reportedly sold off-market in December 2023 for $19 million.

Other notable sales included a two-storey, six-bedroom, seven-bathroom mansion at 16 Harcourt Street Hawthorn East on a large 3,340sqm parcel sold in March for $20 million, a five-bedroom period home at 57 Mary Street Hawthorn East sold at auction in March for $18 million, well above the $14-$15 million reserve price guide, a two-storey five-bedroom 1886-built mansion in Kootongkoot Road Hawthorn which first came to market 18 months ago and sold in December 2023 for $18 million. In Elwood, a five-bedroom, eight-bathroom home in Bendigo Avenue sold for $17 million, above the initial $15 to $16.5 million price guidance and setting a new suburb record, and in Camberwell, the suburbs oldest home, a three-level, five-bedroom Georgian-style mansion known as ‘Fairholme’ built in 1873 sold in February for $13 million.

Melbourne’s Toorak remained the key luxury suburb in 2024 to date, with other luxury suburbs such as East Melbourne, South Yarra, Armadale, Kew, Hawthorn East, and Brighton also having recorded strong activity to date.

Sydney

Sydney again featured strongly in the nation’s top luxury property sales since the start of 2024, with the prestige market displaying signs of strength on the back of continued demand for quality prestige property and limited stock.

Late 2023 saw a number of high-end sales transacting in December in excess of $30 million in Sydney including a two-storey, five-bedroom mansion on a 1,421sqm lot at 10 Ginahgulla Road Bellevue Hill which sold prior to the expiry of the EOI for circa $38 million and a six-bedroom, three-bathroom waterfront home at 12 Castra Place Double Bay which sold off-market for $35 million.

In addition to the $80 million Billyard Avenue Elizabeth Bay sale (mentioned above), an eight-bedroom, six-bathroom Federation-style trophy home built in 1904 on 958sqm with harbour views known as ‘Notrella’ at 142 Wolseley Road Point Piper sold in March for $50 million.

The most expensive apartment to sell so far in 2024 is a three-bedroom, two-bathroom top-floor apartment in Wunulla Road Point Piper with harbour views which sold in February for $19 million.

Other top sales were the sale of a five-bedroom, four-bathroom home with harbour views on a 1,271sqm land parcel at 83 Fitzwilliam Road Vaucluse which sold in January for $40.5 million, in Mosman, a six-bedroom, seven-bathroom home at 46 The Grove with harbour views sold to a Chinese purchaser in March for $30 million after only two weeks on market, and in Bondi, a two-level, four-bedroom, three-bathroom modern-style home at 60 Fletcher Street sold off-market in February for $30 million

The suburbs of Point Piper, Bondi, Mosman, Bellevue Hill, Darling Point, Woollahra, Double Bay, Avalon Beach, Centennial Park, Bronte, Drummoyne, Warrawee, Vaucluse and Birchgrove also continued to feature several other luxury property sales since the start of the year.

Queensland

Queensland’s highest sale result of the year so far was on Queensland’s Gold Coast where billionaire businessman Clive Palmer has set a Gold Coast residential record with the purchase in February of a four-bedroom beachfront home on 1,214 sqm at 41-45 Hedges Avenue Mermaid Beach for $28 million.

In Brisbane the top sales of 2024 to date include a four-bedroom, two-bathroom home at 42 Hillside Crescent Hamilton on a large elevated 1,194sqm parcel with river views which sold in March for $8.3 million, and a five-bedroom, four-bathroom two-storey Queenslander at 22 Tennyson Street Bulimba which sold in January for $5 million.

Other notable sales to date in 2024 include an absolute beachfront four-bedroom, four-bathroom home in Albatross Avenue Mermaid Beach on the Gold Coast sold in February off-market for $16.95 million and in Broadbeach Waters, also on the Gold Coast, a contemporary riverside mansion in Monaco Street on a 3,300 sqm parcel known as “To Moama” sold for $15.2 million, setting a new suburb record. A two-storey, six-bedroom, five-bathroom riverfront home at 87 Monaco Street Broadbeach Waters sold in March for $18 million.

On the Sunshine Coast, five-bedroom, two-bathroom waterfront property at 24 Noosa Parade Noosa Heads sold privately in February for $16.5 million, and in Sunshine Beach, a contemporary-style five-bedroom holiday home known as “Azure” at 26 Macanally Drive has sold for $13.5 million.

Although not technically Queensland, the Byron Bay region (including Lennox Heads) is considered part of the south-east Queensland catchment where demand for quality prestige stock remains strong. In Lennox Head on the far northern NSW coast, a luxury four-bedroom residence on a 3.48-hectare parcel with ocean views in Blue Seas Parade sold in January for $17.5 million. The record price includes DA-approved plans to sub-divide the large holding into a further eight home sites.

Perth

In Western Australia, the most expensive property to sell since the start of the year was a three-bedroom, three-bathroom whole floor unit with three car accommodation at The Penthouse 6 Hammersley Street Cotttesloe in Perth’s blue-chip western suburbs. Other notable sales include a four-bedroom, three-bathroom three-storey home at 3 Lamb Street South Perth which sold in February for $4.6 million; a five-bedroom, three bathroom modern-style home at 72B Ullapool Road Mount Pleasant which sold in February for $3.85 million, and a five-bedroom, four-bathroom fully renovated home at 64 Queens Crescent Mount Lawley which sold for $3.7 million in March.

Adelaide

In Adelaide, the most expensive house to change hands so far this year was a four-bedroom, two-bathroom fully renovated sandstone cottage at 39 Kyre Avenue Kingswood which sold in February for $3.39 million. Other notable sales include a four-bedroom, five-bathroom home at 75 Frederick Street Unley which sold in March for $3.3 million and a five-bedroom, three-bathroom dwelling at 4A Hextall Avenue Tranmere which sold in February for $3 million.

Important information

The information contained in this article is gathered from multiple sources believed to be reliable as at 26 March 2024 and is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. NAB recommends that you seek independent legal, property, financial and taxation advice before acting on any information in this article. ©2024 NAB Private Wealth is a division of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686