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- Australia’s most expensive homes, 2024
- 1. Elaine, 550 New South Head Rd, Point Piper, $130 million
- 2. Rockleigh, 120-122 Wolseley Rd, Point Piper, est. $85 million
- 3. Alcooringa, 27 Victoria Rd, Bellevue Hill, $80 million
- 4. 2 Macquarie Rd, Toorak, circa. $70 million
- 5. Subpenthouse, One Circular Quay, Sydney CBD harbourfront, $61.75 million
- The outlook for luxury property in Australia
- A note for investors
While parts of Australia’s property market began to exhibit signs of stabilisation after a period of significant growth, elsewhere the country’s richest are still unphased, buying and selling multi-million dollar properties for new record prices.
The most expensive properties sold in 2024 were spread across Sydney and Melbourne’s most affluent suburbs, and all fetched eye-watering prices and smashed sales records.
The sky-high prices weren’t just restricted to houses either, two penthouse apartments at One Circular Quay also made the list, selling at around $60 million each.
Australia’s most expensive homes, 2024
- $130 million – Elaine, 550 New South Head Rd, Point Piper, Sydney
- $85 million – Rockleigh, 120-122 Wolseley Rd, Point Piper, Sydney
- $80 million – Alcooringa, 27 Victoria Rd, Bellevue Hill, Sydney
- $70 million – 2 Macquarie Rd, Toorak, Melbourne
- $61.75 million – Subpenthouse, One Circular Quay, Sydney
- $60 million – Subpenthouse, One Circular Quay, Sydney
- $52 million – 69 Fitzwilliam Rd, Vaucluse, Sydney
- $51.5 million – Notrella, 142 Wolseley Rd, Point Piper, Sydney
- $43.5 million – Monkton, 53-55 Cranbrook Rd, Bellevue Hill, Sydney
- $42 million – 96 Victoria Rd, Bellevue Hill, Sydney
- $40 million – Kia Lama, Bradleys Head Rd, Mosman, Sydney
- $40 million – 10-12 Ian St, Rose Bay, Sydney
- $40 million – Karam, 14 St Georges Rd, Toorak, Melbourne
- $40 million est – 35-39 Albany Rd, Toorak, Melbourne
- $38.5 million – 1 Rawson Rd, Rose Bay, Sydney
- $35 million – 15A & $15B Dumaresq Rd, Rose Bay, Sydney
- $35 million est. – 44 Bower St, Manly, Sydney
- $31.75 million – 1 Wentworth Rd, Vaucluse, Sydney
- $30.288 million – 81 Fitzwilliam Rd, Vaucluse, Sydney
- $30 million – 7 Collins Ave, Rose Bay, Sydney
Australia’s property market as a whole showed signs of stabilisation towards the back of 2024 (and in early 2025).
The median price of an Australian home fell by 0.17% in December 2024, which represented the first monthly decline seen since December 2022.
However, national home prices rebounded as interest rates fell in February, lifting 0.40% to hit a new record and reversing the soft start to the year.
Yet when it comes to Australia’s $30 million-plus property market, often regarded as a benchmark to trophy home status, there are generally fewer transactions occurring than in the mainstream market.
But it’s clear by the numbers achieved in the above list that the correction of Australia’s property market has done nothing to stop Australia’s wealthiest people from spending just as much (or even more) on their trophy homes throughout the past 12 months.
Here is a rundown of the five most insanely expensive properties that sold in Australia in 2024.
1. Elaine, 550 New South Head Rd, Point Piper, $130 million
Source: Realestate.com.au
Atlassian billionaire Scott Farquhar sold his 7,000 sqm Point Piper beachfront mansion, Elaine, for $130 million in October 2024, putting it in top spot as the country’s most expensive sale for the year.
He bought the property for $71 million in 2017.
Farquahar had lodged $37 million plans to renovate Elaine back in 2020, but key elements were opposed by neighbours and he looked elsewhere for an alternative property instead.
2. Rockleigh, 120-122 Wolseley Rd, Point Piper, est. $85 million
Source: Realestate.com.au
Rockleigh, a pale pink classic cottage on a 1284 sqm block that takes up 120-122 Wolseley Road in Point Piper, sold for around $85 million in June 2024.
Particularly unspectacular from the street, it’s owned by medical specialist Philippa Harvey-Sutton, who inherited the property from her mother, Val Rundle, in 2016.
Not much is known about the interior, but title records show it changed hands in 1993 and again in 2016 for $0 each time.
Usually this “free” transition is when a property is inherited or gifted between family members.
The property was last sold for $325,000 in 1978.
3. Alcooringa, 27 Victoria Rd, Bellevue Hill, $80 million
Source: Realestate.com.au
The Spanish Mission-style property at 27 Victoria Road in Bellevue Hill sold for $80 million in August 2024, which was $50 million more than its previous sale price just 3 years ago.
The property has undergone a significant renovation.
When it was last sold the 2,000 sqm floor plan included a ballroom, private chapel, a self-contained caretakers cottage and some of the best views from Bellevue Hill.
But after a Spanish-style renovation and restoration, the chapel has been replaced by a day spa, the ballroom is now a rumpus room, and there are other additions such as a gymnasium, three kitchens and an internal swimming pool.
4. 2 Macquarie Rd, Toorak, circa. $70 million
Source: Domain
This show stopping Toorak mansion sold in the vicinity of $70 million, making it the largest residential sale in Victoria and the fourth largest property sale nationwide in 2024.
The six-bedroom property at 2 Macquarie Rd was first listed for sale in March 2024 with a $75 million – $82.5 million price tag, but it was later reduced to $70 million – $75 million.
The 2,000 sqm property, which sits on a 3,300 sqm block last sold for $13.25 million in 2008.
It features a 9-car garage, marble staircase, temperature-controlled wine cellar and tasting room, golf simulator, gymnasium, steam room, Paul Bangay-designed gardens, an 8-seat cinema, heated infinity pool, tennis court, 2 studies and rooftop solar.
5. Subpenthouse, One Circular Quay, Sydney CBD harbourfront, $61.75 million
Source: Domain
A sub-penthouse at One Circular Quay in Sydney’s CBD sold off-the-plan for $61.75 million in October 2024.
The 58-level, $3 billion building by Lendlease, with Mitsubishi Estate Asia, is expected to be completed in late 2026.
The property will have a panoramic view of the entire of Sydney’s harbourfront, including the Sydney Opera House and Sydney’s Harbour Bridge.
The sub-penthouses are located on levels 50-55, with more than 500 sqm of internal living space.
The outlook for luxury property in Australia
When it comes to Australia’s most expensive properties, Sydney’s eastern suburbs and Victoria’s Toorak dominated the list for yet another year.
Interestingly, data show that the properties listed above have a sale price far higher than their suburb’s median.
Point Piper has the highest median house price of $14.4 million, while the nearby Bellevue Hill with its $9.04 million median house price.
Toorak’s median house price comes in at $4.4 million and the median unit price in Sydney’s CBD is just $1.015 million.
According to Ray White senior economist Nerida Conisbee, the outlook for luxury property continues to be positive.
Ray White data notes that there are now a number of new luxury home markets around Australia, not just Sydney and Melbourne.
Both Brisbane and Perth have now surpassed the $2 million mark for houses in the top 5%, driven by impressive 5-year growth rates of 55% and 53% respectively, and the Gold Coast and Sunshine Coast also have developed their own luxury markets.
Looking ahead, the market appears to be trending toward a new baseline, with all major cities except Darwin expected to reach or exceed the $2 million mark for luxury properties.
A note for investors
While these most expensive property sales for 2024 make for interesting reading, they aren’t necessarily the suburbs I would recommend investing in.
And that’s because, at Metropole, we always advise on the importance of investment-grade properties and locations rather than chasing a hotspot or growth area.
That’s areas and properties that hold their value over the long term rather than benefit from an uptick in demand.
But even before looking for the right location, make sure you have a Strategic Property Plan to steer you through the upcoming challenging times our property markets will encounter.
Aside from remembering that you should focus your efforts on investment-grade properties and locations, you also need to remember that property investing is a process, not an event.
That means that things have to be done in the right order – and selecting the location and the right property in that location comes right at the end of the process because what makes a great investment property for me, is not likely to be the same as what would suit your investment needs.
