The biggest home sales of the past year have been uncovered, revealing just how much wealthy Aussies are splurging on high-end real estate across the country.
The astronomical sales results achieved in some suburbs reveal the huge price gulf between ordinary homes and premium properties.
At the top end of the market, the priciest properties to sell in the past year were worth up to 70 times the value of a typical Australian house, which is sitting at $952,000, according to the latest PropTrack data.
But even though top-end homes command much higher prices than those inhabited by ordinary folk, values for more affordable homes have been growing faster lately, said REA Group executive manager of economics Angus Moore.
“In the past year or so, the premium segment of the market — the top 5% — has underperformed the market as a whole,” he said. “It’s up 5.5% nationally versus 7.5% over the year to October.”
Australian homebuyers have been out in force this year, taking advantage of lower interest rates to bid up home prices to record levels.
Mr Moore said interest rate cuts broadly supported price growth, but the effect had been stronger for more affordable properties where buyers were more limited by borrowing capacities.
The priciest home sales in every suburb have been revealed, and this $68.5 million Toorak home tops the list. Picture: realestate.com.au/sold
“The fact that we’ve seen a few rate cuts is helping offset mortgage costs,” he said.
“But affordability is still very challenging and home prices have still been growing quite quickly especially in Perth, Adelaide and Brisbane.”
“In that environment we would expect to see more affordable parts of our cities doing a bit better over the past few years.”
A $20 million sale on Hawthorne's riverfront was one of the Brisbane's priciest sales this year. Picture: realestate.com.au/sold
However, Mr Moore said increased activity among upgrading homeowners was supporting price growth in higher-priced segments of the market.
“We have seen among recent cohorts of homebuyers that a higher share have been selling relatively quickly,” Mr Moore said.
“It would be consistent with people who have seen enormous increases in their home prices being able to upgrade sooner than they otherwise planned to.”
The homes topping the charts this year
A $68.5 million palatial Toorak mansion, a $54.6 million luxe waterfront home with Sydney’s best views, and a $36 million resort-style beach house next door to Chris Hemsworth were among the priciest houses to sell in the past year.
One of the biggest sales in the past year was this Toorak mansion that sold for $68.5 million. Picture: realestate.com.au/sold
A $20.6 million luxury “sky home” in one of Sydney’s tallest towers, a $17.5 million expansive Brisbane penthouse with private lift and eight-car garage, and a $14.8 million parkside Melbourne apartment with panoramic city views were some of Australia’s most expensive units sold.
Priciest capital city house sales in the past year
| Rank | Address | Suburb | State | Price |
| 1 | 2 Macquarie Rd | Toorak | VIC | $68,500,000 |
| 2 | 16 March St | Rose Bay | NSW | $54,600,000 |
| 3 | 96 Victoria Rd | Bellevue Hill | NSW | $43,000,000 |
| 4 | 2 Darley St | Northbridge | NSW | $42,750,000 |
| 5 | 65 Victoria Rd | Bellevue Hill | NSW | $42,000,000 |
| 6 | 13 Princes Ave | Point Piper | NSW | $39,500,000 |
| 7 | 38 Monomeath Ave | Darlinghurst | NSW | $37,500,000 |
| 8 | 177-181 Walsh St | Watsons Bay | NSW | $35,500,000 |
| 9 | 24 Saunders St | Bellevue Hill | NSW | $33,500,000 |
| 10 | 12 St Georges Rd | Toorak | VIC | $33,288,000 |
The data, which uses prices obtained from valuers-general in each state, and disclosed prices from listings on realestate.com.au, shows that the most expensive homes tended to be concentrated in a few premium pockets around the country.
Sydney’s eastern suburbs remains the nation’s prestige stronghold, with nine out the top 10 priciest house sales in the city’s harbourside suburbs east of the CBD.
An unrivalled position on Sydney Harbour help this Rose Bay home achieve a $54.6 million result. Picture: realestate.com.au/sold
Real estate agent Michael Pallier of Sotheby’s International Realty said the eastern suburbs’ geographical advantages were behind its status as Australia’s number one prestige market.
“It’s a narrow peninsula that runs from the ocean across to the harbour, with a limited amount of land and some of the best schools in Sydney,” he said. “It’s not very far from the CBD, and it’s beautiful.”
“If you put all that together, it's a great formula for the most expensive houses in Australia to be positioned there.”
This high-tech home in Toorak sold for more than $33 million this year to an overseas-based buyer. Picture: realestate.com.au/sold
Toorak accounted for six out of the top 10 priciest house sales in Melbourne in the past year, including a $33.3 million four-level feng shui-filled fortress, and $19.3 million concrete castle.
Priciest capital city unit sales in the past year
| Rank | Address | Suburb | State | Price |
| 1 | 7102/1a Barangaroo Ave | Barangaroo | NSW | $20,500,000 |
| 2 | 1821/22 Refinery Pde | New Farm | QLD | $17,500,000 |
| 3 | 250/1 Newstead Tce | Newstead | QLD | $16,000,000 |
| 4 | 17/99 Stanley St | Darlinghurst | NSW | $15,200,000 |
| 5 | 802/85 Harrington St | The Rocks | NSW | $15,000,000 |
| 6 | 4/1 Mount Adelaide St | Darling Point | NSW | $15,000,000 |
| 7 | 1/22 Gaerloch Ave | Tamarama | NSW | $15,000,000 |
| 8 | 1007/150 Clarendon St | East Melbourne | VIC | $14,800,000 |
| 9 | 7/45-51 Cross St | Double Bay | NSW | $14,600,000 |
| 10 | 3/46-48 Yarranabbe Rd | Darling Point | NSW | $14,000,000 |
“Toorak is the epicentre of the best real estate in Melbourne,” said real estate agent and Marshall White Stonnington director John Bongiornio. “It is always in demand, being the premier suburb of Melbourne.
Young money moving in
Mr Bongiorno said buyer profiles in Toorak were changing, with more younger entrepreneurs looking to invest in prestige property.
“The tech area at the moment seems to be such a big moment of buyer market or buyer pool,” he said.
This striking Hamilton home by luxury developer Graya sold for $12.5 million. Picture: realestate.com.au/sold
Half of Brisbane’s top 10 most expensive sales were found within a few streets of each other in Hamilton and Ascot, where a private pocket of hilltop homes capture views of the city and river.
Real estate agent Sarah Hackett of Place Bulimba, who sold four of Brisbane’s top 10 priciest properties in the past year, said high-end buyers were prepared to pay huge sums for one-of-a-kind prestige homes.
“They stay with families for a long time,” she said. "They’re the forever homes.
“They're aspirational, there's a scarcity, and you have to wait for them, so that creates value.”
A pocket of inner Brisbane encompassing Hamilton and Ascot yielded half the city's top 10 sales, including this $15 million Hamilton home. Picture: realestate.com.au/sold
Ms Hackett said growth in Brisbane’s high-end market was fuelled by demand from successful businesspeople in mining, agriculture and technology, as well as overseas buyers.
“A lot of people are selling their businesses and investing in their homes,” she said.
“There’s some software businesses that have sold recently, so you have young people in their 30s that have a couple of hundred million dollars at their disposal.”
A 1901-built home set on Peppermint Grove's highest point that was owned by former WA transport minister David Wordsworth sold for $15 million this year. Picture: realestate.com.au/sold
In Perth, the premium triumvirate of Peppermint Grove, Mosman Park and City Beach accounted for the bulk of the city’s top 10 sales, which ranged between $10 million and $20 million.
Half of Hobart’s priciest properties to sell were in Sandy Bay, a suburb situated south of the CBD with some of the city’s finest stately homes and water views.
Byron’s big buys top glamorous Gold Coast
Outside of the capitals, most of the nation’s highest sales results in the past year were in or near Byron Bay in northern NSW, and on the Gold Coast.
A Palm Springs-inspired coastal estate next door to Chris Hemsworth near Byron Bay was sold by Russell and Jennifer Staley for $36 million. Picture: realestate.com.au/sold
These included Ohana, the aforementioned $36 million glamorous retreat at Broken Head, which neighbours the megamansion and hinterland compound owned by Hollywood stars Chris Hemsworth and Elsa Pataky.
Priciest regional house sales in the past year
| Rank | Address | Suburb | State | Price |
| 1 | 433 Seven Mile Beach Rd | Broken Head | NSW | $36,000,000 |
| 2 | 8 Border St | Byron Bay | NSW | $33,500,000 |
| 3 | 165 Lismore Rd | Bangalow | NSW | $27,500,000 |
| 4 | 127 Hedges Ave | Mermaid Beach | QLD | $27,500,000 |
| 5 | 29 Cooran Ct | Noosa Heads | QLD | $26,845,000 |
| 6 | 166 Mcevilly Rd | Robertson | NSW | $26,000,000 |
| 7 | 14-16 Riverbend Ave | Carrara | QLD | $26,000,000 |
| 8 | 219-221 Hedges Ave | Mermaid Beach | QLD | $23,445,000 |
| 9 | 7 Mcmillan Ct | Southport | QLD | $22,000,000 |
| 10 | 89 Albatross Ave | Mermaid Beach | QLD | $19,000,000 |
Just down the road in Bangalow, a 48-acre Tuscan-inspired estate known as Copperstone, which included a five-bedroom homestead, stables, dressage arena, tennis court and manager’s cottage, sold for $27.5 million.
Developer couple Tom and Emma Lane sold luxury equine estate Copperstone for $27.5 million earlier this year. Picture: realestate.com.au/sold
And in Byron Bay itself, a newly-built five-bedroom luxury home on Belongil Beach fetched $33.5 million.
Prices of the Gold Coast’s most expensive properties exceed those in Brisbane, including two homes on Mermaid Beach’s famed ‘Millionaire’s Row’ which sold for $27.5 million and $23.4 million apiece.
This $26.8 million Noosa Heads home includes more than 1000sqm of floorspace and a 48m waterfront. Picture: realestate.com.au
An ‘irreplaceable’ waterfront Noosa Heads house that sold for $26.8 million and a nearby $17.6 million mansion reinforced the enduring strength of Sunshine Coast’s glamorous trophy home market.
Priciest regional unit sales in the past year
| Rank | Address | Suburb | State | Price |
| 1 | 9/81 Hastings St | Noosa Heads | QLD | $12,510,000 |
| 2 | 2/51-53 Hedges Ave | Mermaid Beach | QLD | $12,300,000 |
| 3 | 51/3510 Main Beach Pde | Main Beach | QLD | $11,000,000 |
| 4 | 4/142 Marine Pde | Miami | QLD | $10,800,000 |
| 5 | 7/15 Jefferson Lane | Palm Beach | QLD | $8,200,000 |
| 6 | 8/73 Explorers Dr | South Mission Beach | QLD | $8,000,000 |
| 7 | 3/3531 Main Beach Pde | Main Beach | QLD | $7,449,000 |
| 8 | 515/61 Noosa Springs Dr | Noosa Heads | QLD | $7,100,000 |
| 9 | 48/3510 Main Beach Pde | Main Beach | QLD | $7,000,000 |
| 10 | 1701/31 Broadbeach Bvd | Broadbeach | QLD | $6,855,000 |
In Victoria, the Surf Coast was where most of the state’s priciest properties outside Greater Melbourne were found, including an angular concrete, timber and glass creation in Anglesea with sweeping coastal views that fetched just over $6 million.
This sophisticated six-bedroom coastal home in Anglesea sold for just over $6 million. Picture: realestate.com.au/sold
Mr Moore said interest rate cuts played a role in stimulating price growth at the top end of the market, but the effect was less direct for premium properties.
“The drivers of some of these very top sales might be a little bit different for a more typically priced home,” he said.
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“The very premium end of the market is more influenced by employment and business conditions among very high income professions and entrepreneurs.”
“Financing costs are still relevant but may not be as big a driver as is true for someone buying a more typical home.”
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