Vaucluse, Sydney’s most expensive property is sold in 2022

Vaucluse, Sydney’s most expensive property is sold in 2022

The most expensive house in Australia costs $62.75 million and features seven bedrooms, three kitchens, 13 bathrooms, a theater, and breathtaking views of the Sydney Harbour Bridge and Opera House.

Seven of the top ten most expensive homes sold in 2022 were in Sydney, with Queensland grabbing two slots with properties in Noosa on the Sunshine Coast and Melbourne taking the top spot with a Toorak mansion.

Half of CoreLogic’s exclusive list of the most expensive properties that changed hands this year were in Sydney’s eastern suburbs.

The most expensive property on this list was a home on Wentworth Road in Vaucluse, which sold for $62.75 million in February.

That makes Vaucluse, Australia’s most expensive suburb, 7.9 times more costly than the suburb’s median price of $7.944 million.

Helen Huang, a Chinese auto dealer, purchased the house as a private transaction in October and is identified as the owner-occupier, according to CoreLogic data.

Her brand-new property, which was constructed in 2007, boasts a 20-car garage, two internal elevators, indoor and outdoor pools, a gym, a movie theater, an on-site private event space, and meticulously tended gardens created by Australian landscape designer Paul Bangay.

The house spent 276 days on the market before to selling for $4 million in October 2002.

In January 1987, a prior home on the same block sold for $895,000.

With a freshly constructed $38.5 million house on Orrong Road in Toorak in the city’s inner east, Melbourne made it onto the exclusive list in fourth place, trailing three properties in Sydney’s eastern suburbs.

Eighth place went to Queensland’s Sunshine Coast, where a Sunshine Beach mansion in Noosa sold for $28.5 million in April.

Eight of the top ten most expensive properties to sell in 2022 did so when interest rates were still at a record-low 0.1% and before the Reserve Bank of Australia lifted its cash rate for the first time since November 2010 in May.

The last two, both in Noosa, were sold in June and July, respectively, during the first two rate hikes made by the RBA during this tightening cycle. In 2022, there were eight consecutive monthly increases, with more increases anticipated in 2023.

A extremely wealthy person borrowing to purchase a $62.75 million property with a 20% deposit and repaying a $50.2 million loan would be responsible for $268,656 in monthly repayments, up $75,742 from $192,914 in May due to the cash rate’s current 10-year high of 3.1%.

That is based on a Commonwealth Bank variable rate that increased as of December 16 from 2.29 percent to 4.97 percent.

Six of Australia’s top ten most expensive suburbs are located in Sydney’s eastern suburbs: Vaucluse, Bellevue Hill ($6.882 million on average), Rose Bay ($5.61 million), Dover Heights ($5.087 million), Double Bay ($4.944 million), and Bronte ($4.668 million).

Toorak, in Melbourne, came in at number five on the list with a median price of $4.956 million.

Aside from that, Sydney was home to nine of Australia’s most expensive suburbs, including Cremorne Point ($4.944 million median), Mosman ($4.871 million median), and Longueville ($4.460 million median).

None of the most expensive residences in Australia are located in a federal constituency controlled by the Liberal Party, although Noosa residents are represented by a Nationals MP in Canberra.

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