Craig-y-Mor, a Sydney home in the Eastern Suburbs with views of the Opera House and Harbour Bridge, has been sold for A$32.4 million ($31 million), a record for an Australian residence.
The five-bedroom property was sold by businessman Ben Tilley who bought it from stockbroker Rene Rivkin in 2004 for more than A$16 million.
Craig-y-Mor, which isn’t on the waterfront, is located in the eastern suburb of Point Piper on Wolsely Road, the same street which saw home sales for A$25 million and A$18.5 million in the fourth quarter of 2007.
There is such a limited supply of properties like Craig-y-Mor that when they do come onto the market they sell for such impressive sums.
The previous Australian record, a property called ‘Tahiti’ in the neighbouring suburb of Vaucluse, was bought by South Africa’s Krok family in September 2007 for A$29 million.
Luxury properties in the city are showing “no signs of strain” following a rise in interest rates to their highest in 12 years.