A grand Victorian terrace in inner Sydney is on track to break the national terrace record once again.
‘Saraville’, a four-bedroom c1890 freestanding terrace on a 341sqm block at 29 Challis Street, Potts Point has been listed for sale with a $20-22 million price guide.
Australia's priciest terrace has hit the market in Potts Point with a $20-22 million price guide. Picture: realestate.com.au/buy
If the property sells in that price range, it represents a jump of at least $7 million since it last sold back in 2016 for $13 million.
At the time it set the record for the highest price paid for a terrace in Australia, but that title was eclipsed a few years later by the sale of a terrace two doors up for $14.7 million in 2018.
The home features a spacious floorplan with about 475sqm of living space. Picture: realestate.com.au/buy
However, a result within the expected price range would clinch the title once again.
Selling agent Geoff Cox of Richardson & Wrench who has the listing with Jason Boon, said the home’s scale set it apart from other terraces in the suburb.
The designer kitchen offers a leafy outlook onto the internal courtyard. Picture: realestate.com.au/buy
“It's about 475sqm internally with about 160sqm of outdoor space,” he said.
“Big terraces in this area are 250 to 300sqm, so it’s by some measure much bigger.”
The home includes five outdoor spaces including a 39sqm courtyard on the ground floor. Picture: realestate.com.au/buy
The home’s luxury fit out would help justify a record-breaking price, with the home featuring a north-facing living area that flows into the chef’s kitchen, opening onto a leafy courtyard with a vertical garden.
All four bedrooms have ensuites, while the main bedroom on the top floor includes a freestanding bath. A three-car garage allows parking via the rear lane.
The home's primary bedroom includes a hotel-style bathtub. Picture: realestate.com.au/buy
Mr Cox said the changing face of Potts Point over the past decade had contributed to the suburb reinforcing its status as a prestige market for the ultra-wealthy.
“It's completely different to what it was,” he said. “It's now a real village.”
The garage offers parking for three cars — a rarity in high-density Potts Point. Picture: realestate.com.au/buy
“Obviously the lockout laws had a lot to do with that, but it was changing even before those.”
“People come here for the lifestyle – being able to walk out the door to all the restaurants, cafes and boutiques.”
“A lot of people at this end of the market might have a home in Palm Beach, the Southern Highlands or the South Coast and might want a luxury residence in the city, so Potts Point ticks all the boxes for that.”
The 1890s-built terrace retains heritage features including lace ironwork on the balcony. Picture: realestate.com.au/buy
He said a shortage of high-end properties on the market in the area had kept values in the suburb elevated.
Recent sales in Potts Point include a five-bedroom terrace at 5 McDonald Street that sold for $8.6 million in April, and a three-bedroom apartment at 2/1 Grantham Street that sold for $8.3 million in January.
'Bomera' has held the Potts Point suburb record since it sold for $34 million in 2019. Picture: realestate.com.au/sold
The suburb’s overall record stands at $34 million, when billionaire steel magnate Sanjeev Gupta purchased ‘Bomera’, a grand Italianate mansion at 1 Wylde Street.
That result was rivalled by the $30.35 million paid by billionaire and Rode Microphones owner Peter Freedman for 2 Macleay Street last year, which is now set for a $10 million upgrade.
Jenner House traded for just over $30 million last year. Picture: realestate.com.au/sold
Meanwhile, another contender for the national terrace record is up for sale on the other side of the city.
An enormous terrace at 71C Harris Street, Pyrmont is on the market with a $21.5 million price guide.
A seven-storey terrace in Pyrmont has a price guide of $21.5 million. Picture: realestate.com.au/buy
The newly-built property offers more than 1400sqm of living space over seven levels, including a 316sqm basement that the listing suggests could serve as a car gallery or private nightclub.
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