Sydney Waterfront Residence Sets Urban Record, Selling for $23.5 Million, Becoming a Hub for Multi-Million Dollar Properties – Sydney auction clearance rate reaches 71%

Week’s Key Focus

According to RealEstate website, the real estate market in Longueville, Sydney’s North Shore, is experiencing a wave of high-value sales, breaking the $20 million residential sales mark for the first time. It has become the target of affluent buyers who are more inclined to invest here rather than in traditional areas like Mosman and Hunters Hill in Sydney.

Recently, Longueville’s property market set a new record. A deep waterfront residence on Arabella St was successfully sold for $23.5 million, surpassing the area’s previous sales record.

Although Longueville has long been regarded as the Point Piper of Sydney’s North, it is now attracting the attention of buyers from Sydney’s North Shore, Eastern Suburbs, with budgets exceeding $10 million. These buyers are drawn to the convenience of this area and the properties that offer stunning views of the Sydney Harbour Bridge.

There is even an upcoming apartment listing expected to be priced above $10 million, demonstrating the strong demand. Currently, Longueville has less than 710 houses and 15 units.

The previous sales record in the Longueville area was $13.5 million, until May of this year when a property at Kenneth St 22 was sold for $19.25 million, catching the locals’ attention.

According to PropTrack data, the median house price in the area is $5.31 million, and homeowners hold onto their properties for an average of 18.5 years, longer than in any other part of the North Shore.

In the past 4 weeks, properties ranging from $13 million to over $22 million have been transacted. Among them, Kenneth St 83 was sold for approximately $13 million, while a deep waterfront residence at Lucretia Ave 62a was sold for around $18 million. Additionally, a historic property on Poole St, renovated, was sold for approximately $19 million.

In the near future, a property named “Otahki,” located on a 4,400 square meter waterfront estate with 9 bedrooms, will be listed for around $50 million. At this price point, it will become the most expensive property north of the Sydney Harbour Bridge.

Auction Results This Week

Sydney: 875 properties were auctioned, with 550 results reported, 388 properties sold, achieving a clearance rate of 71%. The total auction value amounted to AUD 411,180,000, with a median property price of AUD 1,615,000.
Melbourne: 889 properties went to auction, with 570 results reported, 374 properties sold, resulting in a clearance rate of 66%. The total auction value reached AUD 260,165,350, and the median property price was AUD 910,000.