Top 20 Sydney house sales

Prestige sales at snail’s pace edging below expectations are increasingly the norm in the cautious aftermath of the global financial crisis.

But it’s far from a disorderly price rout, as vendors withstand the threatening pall.

Sydney’s highest-priced sale so far this year was notched up in May when private equity investor Patrick Keenan and his wife, Elizabeth, sold Carrara, their three-level European-style villa in Vaucluse.

It fetched about $26.75 million through Ray White Prestige agent Michael Finger, who kicked off its public marketing on the web in November last year.

But the marketing campaign had begun more quietly with the house photos taken in winter last year, when its eventual buyer, stockbroker Walter Lewin, undertook his initial inspection.

The sale price fell short of a $28 million offer, from mainland Chinese buyers, that had languished without conclusion for about two months.

Carrara previously traded in 2006 for $22.3 million when bought from entrepreneur James Peng, who had bought it in 1993 for $8.5 million, that year’s top sale. Peng bought it from New Zealand businessman Sir Robert Jones.

Level playing field

The top-20 Sydney house sales (see below) in the past six months total $232 million, down only marginally on the $244 million in the last six months of 2009, and the $239 million total in the same six months last year.

The cut-off for entry this year stands at $7.5 million, down on the $8.7 million of late last year and the $8.2 million cut-off in early 2009.

Sluggish activity and prices meant the top-20 sales in the 2009 calendar year totalled $289 million, well down on 2008’s total of $422 million and the $354 million in 2007, as the double-digit-million sales wane.

Setting up shop

But there are always surprises, including the year’s second-highest sale. The bullish purchase at Bellevue Hill by shopping centre heiress Monica Saunders-Weinberg has given a fillip to the market.

Her reputed $20 million acquisition of Ron and Shauna Remen’s new residence is still shrouded in secrecy following its May sale.

The Remens rebuilt on their hillside 1688 sq m block after paying $7,325,000 in 2006. Saunders-Weinberg is one of the three children of the Westfield co-founder, the late John Saunders.

High fidelity

Mosman holds five of the places among the top-20 sales so far this year. Two of the sales involved the former president of Fidelity Investments Asia-Pacific, funds manager Brett Goodin.

Goodin and his wife, Lorene, snapped up Sabina, sans mortgage, from former bookmaker Bruce McHugh for $10.1 million pre-auction through LJ Hooker agent Robert Jacobs in February.

The six-bedroom house with tennis court on 1505 sq m had previously traded for $4.8 million when bought in 1990 from Julian and Heather Buttrose.

Then in April, the Goodins sold their redundant contemporary Morella Road house for $12.8 million, substantially higher than its $11 million price in 2007.

The four-bedroom house with access to Clifton Gardens beach sold to Milson Point’s Hong Gai and Yuping Chen through Stephen Patrick and Jacqui Rowland-Smith of Richardson & Wrench.

The low-key Goodin, among the first to forecast the 2009 sharemarket recovery in March last year, joined Fidelity in 1994 as chief legal officer in Bermuda.

In 1997 he relocated to Hong Kong, then Tokyo in 2003 and Sydney in 2007. He is now the chairman of WA Capital Group.

Beauty contest

Mosman recorded another strong sale when Julie Pash, the widow of Graeme Pash – who was a chairman of Sydney Turf Club – sold their five-bedroom Beauty Point house for $11 million.

The three-level, 1997 house with views across Middle Harbour had been listed in April through Darren Curtis and Ken Jacobs of Christie’s Great Estates with $10 million-plus hopes.

The 1600 sq m waterfront reserve property has a tennis court and pool. Rabat, the four-bedroom Warringah Road, Mosman, house was sold for $7.85 million by residential developer Michael Stokes and interior designer Maryanne Collins through Richardson & Wrench agent Richard Simeon.

It was bought by the Tagliaferro family, which has subsequently listed Eurambie, the seven-bedroom Bradleys Head Road, Mosman, house with pool and court. Eurambie last traded for $6.15 million in 2001.

First-class third

Sitting in third place and just falling short of its initial $17 million hopes is the Vaucluse harbour-front house of David Morgan, who heads the London office of the private equity group JC Flowers.

It was sold for $16.3 million in mid-February to the Ryan family of hoteliers through Raine & Horne agent Michael Pallier, in conjunction with LJ Hooker agent Bill Malouf.

Morgan and his wife, Ros Kelly, the former Hawke government minister, bought the five-bedroom house for $5.8 million in 1999. Set on The Crescent, the 978 sq m holding overlooks Parsley Bay.

Joint ventures

There are two consolidations on the list whereby buyers snared adjoining lots. In Burton Street, Mosman, Jonathan and Cara Herald spent $7.6 million to buy from two vendors through Belle Mosman agent Philip Waller.

The Bennett family secured $4.2 million for their 675 sq m non-waterfront holding, which last traded in 1987 when bought for $700,000 from Carl and Lucienne de Mestre Bock.

The waterfront block was bought from entomologist Chris Virgona, who secured $3.4 million for his 835 sq m block. In Woollahra, printer Michael Hannan spent $8 million to secure two of the Packer family’s three blocks. The 1520 sq m property sits on the corner of Rosemont Avenue and Edgecliff Road.

The Packers consolidated the site with two purchases, starting with £36,000 in 1965 and then $410,000 in 1982. The Packers retain a 1017 sq m holding.

A lot for a little

The smallest property to make the list was the Peter Dunkley redevelopment of a 474 sq m holding in Paddington, which sold through Bickmore-Hutt agent Damien Bickmore-Hutt.

The Goodhope Street house equalled the suburb’s 2006 sale of a record-setting Union Street property for $7.75 million.

The market is also resplendent with lengthy listings from desirous vendors who are content to sit and wait without adjusting expectations.

Domain.com.au has some 40 luxury houses with $10 million-plus asking prices, plus a further 30 houses that would make it on to the luxury list if they’d sold above $7.5 million.

With plans to spend more time at their Wategos Beach house, Deke and Eve Miskin’s much-admired Point Piper harbour-front house, Altona, has returned to the market. (see gallery attached)

With $45 million hopes, its internet listing by Michael Finger of Ray White Prestige seeks to restore the property as Sydney’s record-setter.

The Miskins are aiming to sell the eight-bedroom house but possibly keep the vacant adjoining block, on which they intend to build, unless it attracts an offer of $24 million.

It was last listed in 2007, when the Miskins knocked back $55 million for both the house and vacant block.

The waterfront spread was last sold for $28 million in 2002. Altona has been rented over the years by a stellar cast, including Bono; Hugh Jackman and his wife, Deborra-Lee Furness; Sarah Wynter; Naomi Watts; and Kate Bosworth.

Top 20 Sydney house sales 2010

* Price not yet officially recorded

Source: Newspaper reports and sale databases.