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13-12-13, 23:53
Who's who is buying
http://m.smh.com.au/domain/real-estate-news/the-year-sydney-roared-back-to-life-20131212-2z87e.html
The year Sydney roared back to life
by LUCY MACKEN - 13/12/13, 6:00 AM
Shanghai Luxury Properties Showcase
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The $52 million sale of Altona to Xiuzhen Ding was just one highlight of 2013, which was full of surprise and intrigue.
James Packer kicked things off in January listing his former Bondi Beach home with $22 million hopes as work was completed on his new, $40 million uber-mansion on Wentworth Road, Vaucluse.
Of course, things didn't go to plan and less than a year later he's moved back into the bachelor pad and agents have been vying for the job of selling the family ''shopping centre'' (Erica's euphemism, not mine).
There was no sign of the six-level monolith being offered around on the quiet to China's high net worth buyers at the Shanghai Luxury Properties Showcase earlier this week, giving some credence to rumours the casino mogul won't be selling it because it is part of Erica's divorce settlement and will be hers to off-load.
Paid in China
It was the Chinese trophy-home hunters who dominated the headlines though. After six years on and off the market, the Point Piper waterfront estate Altona sold for $52 million in March to a Melbourne-based Xiuzhen Ding, director of Chaimovich Investment.
Then, in April, Seven Network commercial director Bruce McWilliam sold his waterfront mansion, known as the Bang & Olufsen house, for $33.5 million to one of the owners of Australia's largest cotton farm Cubbie Station, chairman of Shandong Ruyi Qui Yafu. After years of prestige market hell, what better way to give the market a much-needed confidence boost?
That offshore interest was followed by the locals. Technology investor Neill Miller and his wife, Katherine, sold their Rose Bay waterfront reserve for more than $30 million. That should more than cover their February $5,555,332 purchase on Tivoli Avenue with their friends, Leon and Alicia Kawalsky, all of whom are building a sort of luxury duplex on the almost 1000-square-metre site.
Also in this year's $30-million club is the late Sir William Tyree. The 1700-square-metre waterfront estate of the Tyree Industries founder was suitably discounted from its original $50 million guide to make the most of the happy state of the market, which played to yachtie Matt Allen's plans.
Now Allen, who is expected to be lining up for his 24th start in the Sydney to Hobart Yacht Race on Boxing Day, has put his Bellevue Hill estate up for sale with hopes of more than $17 million.
Ell of a deal
Meanwhile, property developer titans Denis O'Neil and Bob Ell thrashed out a fair price for the O'Neils' Bellevue Hill family estate. Bang on $27 million was the agreed price, which gives Ell and his wife, Bridget, room to kick a ball around with the kids now they've moved on from their Potts Point penthouse. The deal was also just in time to meet the extended settlement on Ell's palatial, two-storey spread atop Potts Point's exclusive Pomeroy building, which sold to liquor industry heavyweight John Piven-Large for $15 million in late 2012 but didn't settle until July.
Piven-Large has, in turn, added to the stockpile of available Point Piper mansions on offer, listing his Edwardian-era waterfront home for $40 million.
This year was a triumph for Bellevue Hill, even before the Ell and O'Neil deal had settled, with its median house price up 4.1 per cent from its previous peak in 2010. Cranbrook School no doubt helped when it paid $15,501,000 under the hammer in May for the former home of Sir Peter Abeles, Sundorne. Then there's the more recent success of Mark Greig, son of the late cricket commentator Tony Greig, who sold his Kulgoa Road property for close to $12 million, well above the $9 million-plus asking price.
Just add water
The top apartment price was the record-breaking $21 million paid off-the-plan in June for adjoining penthouses in the Pacific Bondi Beach by chief investment officer of boutique fund manager Caledonia Investments, Will Vicars.
That was followed earlier this month by an $11 million sale for another penthouse in the Pacific, the same day that a Chinese investor paid the lucky figure of $5,388,888 for another spread in the Pacific for his annual beach holiday pad.
The co-developer of the Campbell Parade project Eduard Litver had some success in his personal real estate dealings as well, selling his Darling Point waterfront property on Eastbourne Road for $16.35 million to Sheeva Tavakoli, wife of plastic surgeon Dr Kourosh Tavakoli.
The year's second-best apartment sale was $17 million by a Chinese investor for the penthouse in the Residence building on College Street.
Clue to murder-mystery sale
Ron Medich's Point Piper properties proved to be a Title Deeds gift that just keeps on giving. In August, the waterfront property at the centre of the Michael McGurk murder mystery was slipped on to the Domain.com.au website (oops), which was all the tip-off Title Deeds needed to know it was for sale. An asking price of $16 million was bandied about, but that was later reduced to $12.5 million with a new agent ahead of its October auction, and it sold in November for close to $11 million.
Meanwhile, Medich's real prize, his absolute waterfront home on Wolseley Road, is still up for grabs at $40 million.
From Shanghai with love
Sydney's biggest suburb Mosman certainly made the most of China's interest. In Beauty Point, the $12.8 million sale on Bay Road late last year (although it settled in January) to Fiona Huang, wife of a Chinese businessman, has been followed by a handful of sales to fellow Chinese buyers.
The highest sale for the year was $13.88 million for the waterfront mansion on Julian Street of reclusive hedge fund trader Phil Mathews, founder of Mathews Capital, to a Shanghai-based businessman now settled in Sydney (above).
Incidentally, the former BRW rich lister (he made 52 on the list in 2011 an 98th in 2012, although he was a no-show this year) is no doubt hoping for more of the same real estate success with his James Street investment property, which he bought from wine and tourism big wig Bob Oatley in 1996 for $1.1 million. It's now listed with hopes of about $3.5 million.
David Jones continued to trade well, with former chairman Bob Savage taking out the second-highest price of the year, pocketing $11.25 million in May when he sold his Plunkett Road home to childcare entrepreneur Brendan McAssey.
Third place was thanks to another buyer from China, who paid more than $9 million last month for the 1400-square-metre property on Elfrida Street of marketing boss Mark Rodgers and his wife, Donna.
On the transfer list
In Watsons Bay, soccer star Mark Schwarzer's former home continued to be the subject of worthy storylines, long after literary great Christina Stead was inspired by the setting for her 1940 novel The Man Who Loved Children.
Having had his renovation plans by Nick Tobias met with howls of well-read protest, Schwarzer then sold it for $8 million to hotelier Damien Reed, who was no doubt happy to leave behind Point Piper and his minor role in the suburb's property development-gone-wrong that was at the centre of the Michael McGurk murder mystery.
More recently, next door was a tale of one cashed-up industry superceding another with financial investment adviser Darryl Harford and his wife, Judith Harford Heap, selling to the chief financial officer of mining giant Xstrada Coal, Earl Melamed, for close to $10 million.
The neighbourhood's best sale was the $12.5 million paid for yet another waterfront on Pacific Street by Getaway presenter Kelly Landry and her celebrity accountant husband, Anthony Bell, (pictured above) when they bought the former home of trucking boss Stephen Brown and his wife, Corinne, in May.
Two doors down
In Vaucluse, rag traders Nick and Susie Kelly's decision to buy the home two doors away of nautical engineering entrepreneur Philip Goymour and his wife, Tanya, set the highest price for the year at $19 million.
The Kutti Beach deal was only possible when a buyer was found for the Kellys' slightly smaller home, which went to fine wine specialist Henry Dawson-Damer and his wife, Alex, for $15 million. It was another buyer from mainland China, King Chu and Xiaoyi Zhu, who matched the $15 million sale figure when they bought the Vaucluse Road home of John and Mary Andrews, of the Haverick Meats family.
Jewel heist
Warrawee cemented its place as the jewel of the upper north shore when the historic landmark estate Kooyong sold for about $8 million, topping the $6 million paid in June by Stockland chief executive Mark Steinert for a property on Chilton Parade.
Northern exposure
Palm Beach was a lesson in the value of discounting for high-end vendors. Car dealer Neville Crighton's $10 million getaway on Snapperman Beach sold in May to software entrepreneur Mike Cannon-Brookes for $8.7 million.
The peninsula's best price was set in August though, when businessman Paul Nankervis and his wife, Rosie, sold their weekender on Sunrise Road. Listed for $14 million, it sold in August for $10.6 million to Quadrant Private Equity managing director Chris Hadley and wife Susan.
The Asian offshore buyers' reach extended to Pittwater this year when Singapore's richest man Philip Ng, head of that country's largest developer the Far East Organisation, bought the Scotland Island retreat Yamba for $7 million.
Roll the credits
There's no record Angelina Jolie has helped prop up the trophy home market, instead settling to rent the Vaucluse mansion Villa Igiea (above) from investment banker Wayne Burt.
Baz Luhrmann and Catherine Martin proved that the only thing harder than pulling together a blockbuster like The Great Gatsby is the prospect of house hunting in Sydney. They've shelved plans to sell their Darlinghurst mansion Iona, after a short spell on the market for $15 million-plus.
This year's star-studded transaction was left to Joel Edgerton, who spent $1.58 million of his pay from The Great Gatsby on a four-bedroom semi in North Bondi.
Cate Blanchett's husband, artistic director of Sydney Theatre Company Andrew Upton, proved he's a good son, paying $780,000 for an off-the-plan apartment in the Maison development in Hunters Hill for mum Patty Upton.
ShareRead LaterAdjust font size
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Shanghai Luxury Properties Showcase
Shanghai Luxury Properties Showcase (Thumbnail)
Domain's Lucy Macken checks out some of the most luxurious real estate from around the world.
This article contains videoRead Later
Most Viewed
1 Smart buys
2 The year Sydney roared back to life
3 Sydney's property boom slams into Christmas
4 House of the week: Ryde
5 Smart Buys
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Copyright © 2013 Fairfax Media The Sydney Morning Herald
Friday December 13
http://m.smh.com.au/domain/real-estate-news/the-year-sydney-roared-back-to-life-20131212-2z87e.html
The year Sydney roared back to life
by LUCY MACKEN - 13/12/13, 6:00 AM
Shanghai Luxury Properties Showcase
ShareRead LaterAdjust font size
The $52 million sale of Altona to Xiuzhen Ding was just one highlight of 2013, which was full of surprise and intrigue.
James Packer kicked things off in January listing his former Bondi Beach home with $22 million hopes as work was completed on his new, $40 million uber-mansion on Wentworth Road, Vaucluse.
Of course, things didn't go to plan and less than a year later he's moved back into the bachelor pad and agents have been vying for the job of selling the family ''shopping centre'' (Erica's euphemism, not mine).
There was no sign of the six-level monolith being offered around on the quiet to China's high net worth buyers at the Shanghai Luxury Properties Showcase earlier this week, giving some credence to rumours the casino mogul won't be selling it because it is part of Erica's divorce settlement and will be hers to off-load.
Paid in China
It was the Chinese trophy-home hunters who dominated the headlines though. After six years on and off the market, the Point Piper waterfront estate Altona sold for $52 million in March to a Melbourne-based Xiuzhen Ding, director of Chaimovich Investment.
Then, in April, Seven Network commercial director Bruce McWilliam sold his waterfront mansion, known as the Bang & Olufsen house, for $33.5 million to one of the owners of Australia's largest cotton farm Cubbie Station, chairman of Shandong Ruyi Qui Yafu. After years of prestige market hell, what better way to give the market a much-needed confidence boost?
That offshore interest was followed by the locals. Technology investor Neill Miller and his wife, Katherine, sold their Rose Bay waterfront reserve for more than $30 million. That should more than cover their February $5,555,332 purchase on Tivoli Avenue with their friends, Leon and Alicia Kawalsky, all of whom are building a sort of luxury duplex on the almost 1000-square-metre site.
Also in this year's $30-million club is the late Sir William Tyree. The 1700-square-metre waterfront estate of the Tyree Industries founder was suitably discounted from its original $50 million guide to make the most of the happy state of the market, which played to yachtie Matt Allen's plans.
Now Allen, who is expected to be lining up for his 24th start in the Sydney to Hobart Yacht Race on Boxing Day, has put his Bellevue Hill estate up for sale with hopes of more than $17 million.
Ell of a deal
Meanwhile, property developer titans Denis O'Neil and Bob Ell thrashed out a fair price for the O'Neils' Bellevue Hill family estate. Bang on $27 million was the agreed price, which gives Ell and his wife, Bridget, room to kick a ball around with the kids now they've moved on from their Potts Point penthouse. The deal was also just in time to meet the extended settlement on Ell's palatial, two-storey spread atop Potts Point's exclusive Pomeroy building, which sold to liquor industry heavyweight John Piven-Large for $15 million in late 2012 but didn't settle until July.
Piven-Large has, in turn, added to the stockpile of available Point Piper mansions on offer, listing his Edwardian-era waterfront home for $40 million.
This year was a triumph for Bellevue Hill, even before the Ell and O'Neil deal had settled, with its median house price up 4.1 per cent from its previous peak in 2010. Cranbrook School no doubt helped when it paid $15,501,000 under the hammer in May for the former home of Sir Peter Abeles, Sundorne. Then there's the more recent success of Mark Greig, son of the late cricket commentator Tony Greig, who sold his Kulgoa Road property for close to $12 million, well above the $9 million-plus asking price.
Just add water
The top apartment price was the record-breaking $21 million paid off-the-plan in June for adjoining penthouses in the Pacific Bondi Beach by chief investment officer of boutique fund manager Caledonia Investments, Will Vicars.
That was followed earlier this month by an $11 million sale for another penthouse in the Pacific, the same day that a Chinese investor paid the lucky figure of $5,388,888 for another spread in the Pacific for his annual beach holiday pad.
The co-developer of the Campbell Parade project Eduard Litver had some success in his personal real estate dealings as well, selling his Darling Point waterfront property on Eastbourne Road for $16.35 million to Sheeva Tavakoli, wife of plastic surgeon Dr Kourosh Tavakoli.
The year's second-best apartment sale was $17 million by a Chinese investor for the penthouse in the Residence building on College Street.
Clue to murder-mystery sale
Ron Medich's Point Piper properties proved to be a Title Deeds gift that just keeps on giving. In August, the waterfront property at the centre of the Michael McGurk murder mystery was slipped on to the Domain.com.au website (oops), which was all the tip-off Title Deeds needed to know it was for sale. An asking price of $16 million was bandied about, but that was later reduced to $12.5 million with a new agent ahead of its October auction, and it sold in November for close to $11 million.
Meanwhile, Medich's real prize, his absolute waterfront home on Wolseley Road, is still up for grabs at $40 million.
From Shanghai with love
Sydney's biggest suburb Mosman certainly made the most of China's interest. In Beauty Point, the $12.8 million sale on Bay Road late last year (although it settled in January) to Fiona Huang, wife of a Chinese businessman, has been followed by a handful of sales to fellow Chinese buyers.
The highest sale for the year was $13.88 million for the waterfront mansion on Julian Street of reclusive hedge fund trader Phil Mathews, founder of Mathews Capital, to a Shanghai-based businessman now settled in Sydney (above).
Incidentally, the former BRW rich lister (he made 52 on the list in 2011 an 98th in 2012, although he was a no-show this year) is no doubt hoping for more of the same real estate success with his James Street investment property, which he bought from wine and tourism big wig Bob Oatley in 1996 for $1.1 million. It's now listed with hopes of about $3.5 million.
David Jones continued to trade well, with former chairman Bob Savage taking out the second-highest price of the year, pocketing $11.25 million in May when he sold his Plunkett Road home to childcare entrepreneur Brendan McAssey.
Third place was thanks to another buyer from China, who paid more than $9 million last month for the 1400-square-metre property on Elfrida Street of marketing boss Mark Rodgers and his wife, Donna.
On the transfer list
In Watsons Bay, soccer star Mark Schwarzer's former home continued to be the subject of worthy storylines, long after literary great Christina Stead was inspired by the setting for her 1940 novel The Man Who Loved Children.
Having had his renovation plans by Nick Tobias met with howls of well-read protest, Schwarzer then sold it for $8 million to hotelier Damien Reed, who was no doubt happy to leave behind Point Piper and his minor role in the suburb's property development-gone-wrong that was at the centre of the Michael McGurk murder mystery.
More recently, next door was a tale of one cashed-up industry superceding another with financial investment adviser Darryl Harford and his wife, Judith Harford Heap, selling to the chief financial officer of mining giant Xstrada Coal, Earl Melamed, for close to $10 million.
The neighbourhood's best sale was the $12.5 million paid for yet another waterfront on Pacific Street by Getaway presenter Kelly Landry and her celebrity accountant husband, Anthony Bell, (pictured above) when they bought the former home of trucking boss Stephen Brown and his wife, Corinne, in May.
Two doors down
In Vaucluse, rag traders Nick and Susie Kelly's decision to buy the home two doors away of nautical engineering entrepreneur Philip Goymour and his wife, Tanya, set the highest price for the year at $19 million.
The Kutti Beach deal was only possible when a buyer was found for the Kellys' slightly smaller home, which went to fine wine specialist Henry Dawson-Damer and his wife, Alex, for $15 million. It was another buyer from mainland China, King Chu and Xiaoyi Zhu, who matched the $15 million sale figure when they bought the Vaucluse Road home of John and Mary Andrews, of the Haverick Meats family.
Jewel heist
Warrawee cemented its place as the jewel of the upper north shore when the historic landmark estate Kooyong sold for about $8 million, topping the $6 million paid in June by Stockland chief executive Mark Steinert for a property on Chilton Parade.
Northern exposure
Palm Beach was a lesson in the value of discounting for high-end vendors. Car dealer Neville Crighton's $10 million getaway on Snapperman Beach sold in May to software entrepreneur Mike Cannon-Brookes for $8.7 million.
The peninsula's best price was set in August though, when businessman Paul Nankervis and his wife, Rosie, sold their weekender on Sunrise Road. Listed for $14 million, it sold in August for $10.6 million to Quadrant Private Equity managing director Chris Hadley and wife Susan.
The Asian offshore buyers' reach extended to Pittwater this year when Singapore's richest man Philip Ng, head of that country's largest developer the Far East Organisation, bought the Scotland Island retreat Yamba for $7 million.
Roll the credits
There's no record Angelina Jolie has helped prop up the trophy home market, instead settling to rent the Vaucluse mansion Villa Igiea (above) from investment banker Wayne Burt.
Baz Luhrmann and Catherine Martin proved that the only thing harder than pulling together a blockbuster like The Great Gatsby is the prospect of house hunting in Sydney. They've shelved plans to sell their Darlinghurst mansion Iona, after a short spell on the market for $15 million-plus.
This year's star-studded transaction was left to Joel Edgerton, who spent $1.58 million of his pay from The Great Gatsby on a four-bedroom semi in North Bondi.
Cate Blanchett's husband, artistic director of Sydney Theatre Company Andrew Upton, proved he's a good son, paying $780,000 for an off-the-plan apartment in the Maison development in Hunters Hill for mum Patty Upton.
ShareRead LaterAdjust font size
Related Coverage
Shanghai Luxury Properties Showcase
Shanghai Luxury Properties Showcase (Thumbnail)
Domain's Lucy Macken checks out some of the most luxurious real estate from around the world.
This article contains videoRead Later
Most Viewed
1 Smart buys
2 The year Sydney roared back to life
3 Sydney's property boom slams into Christmas
4 House of the week: Ryde
5 Smart Buys
Domain
News
Design & Living
Neighbourhoods
Blogs
Back to top
Terms of Use Full site Feedback More
Copyright © 2013 Fairfax Media The Sydney Morning Herald
Friday December 13