Who wants to be a billionaire? We’ll circle back to that shortly.
For now, let’s dive into the luxury property market in Sydney. While many markets around the country slowly run out of energy throughout 2024, Sydney’s luxury market did surprisingly well. The highest sale of 2024? A jaw dropping $130M, equalling the Australian house price record set in 2022. Unsurprisingly, it was one of the Atlassian co-founders yet again taking out top honours. This time, it was Scott Farquar who sold his Point Piper home, originally purchased in 2017 for $71 million, which was a record price at the time.
Taking second and third positions were also the highest ever sale prices with sales at $82M and $80M. Point Piper – a favourite among the ultra-wealthy – continued its streak with a record equalling sale, while Bellevue Hill, Mosman, Manly, Hunters Hill and Kurraba Point all achieved their highest-ever sale prices. Not bad.
| Top 25 Sydney House Sales 2024 | ||
| 1 | Point Piper | $130,000,000 |
| 2 | Point Piper | $82,000,000 |
| 3 | Bellevue Hill | $80,000,000 |
| 4 | Point Piper | $51,500,000 |
| 5 | Vaucluse | $50,000,000 |
| 6 | Bellevue Hill | $43,700,000 |
| 7 | Bellevue Hill | $42,000,000 |
| 8 | Mosman | $40,000,000 |
| 9 | Rose Bay | $38,700,000 |
| 10 | Rose Bay | $38,000,000 |
| 11 | Rose Bay | $35,000,000 |
| 12 | Manly | $34,000,000 |
| 13 | Palm Beach | $32,000,000 |
| 14 | Vaucluse | $31,700,000 |
| 15 | Vaucluse | $30,700,000 |
| 16 | Mosman | $30,000,000 |
| 17 | Rose Bay | $30,000,000 |
| 18 | Palm Beach | $26,500,000 |
| 19 | Hunters Hill | $26,100,000 |
| 20 | Vaucluse | $26,000,000 |
| 21 | Bellevue Hill | $26,000,000 |
| 22 | Bellevue Hill | $25,200,000 |
| 23 | Bronte | $25,000,000 |
| 24 | Kurraba Point | $25,000,000 |
| 25 | Vaucluse | $24,850,000 |
Luxury Market Triumphs
The total value of the Top 10 house sales in 2024 raced away from previous years with total sales of $595.9M, a substantial leap from $507.4M in 2023. The median price for these elite Top 10 properties rose by 9.6% year-on-year.
| TOP 10 SYDNEY HOUSE PRICES PER YEAR | ||||||||
| Rank | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| 1 | 71 | 100 | 40 | 95 | 45 | 130 | 76 | 130 |
| 2 | 65.25 | 58 | 36.5 | 51 | 45 | 62.75 | 68 | 82 |
| 3 | 39 | 44 | 34 | 36 | 40 | 60 | 61.5 | 80 |
| 4 | 36 | 38.8 | 33 | 34 | 38.5 | 59.5 | 60 | 51.5 |
| 5 | 31.8 | 31 | 23.56 | 33 | 38 | 52.25 | 45 | 50 |
| 6 | 30.26 | 30.5 | 23 | 32.5 | 37.5 | 45 | 40.5 | 43.7 |
| 7 | 30 | 30 | 22.6 | 32 | 35 | 42.2 | 40 | 42 |
| 8 | 28 | 29.5 | 22 | 30 | 35 | 40 | 39.35 | 40 |
| 9 | 26.5 | 28.52 | 21.8 | 29 | 34.5 | 37.5 | 39 | 38.7 |
| 10 | 22.45 | 28 | 20.5 | 24.6 | 32.5 | 37 | 38 | 38 |
| Total | 380.3 | 418.3 | 277 | 397.1 | 381 | 466.2 | 507.4 | 595.9 |
| Low | 22.5 | 28 | 20.5 | 24.6 | 32.5 | 37 | 38 | 38 |
| High | 71 | 100 | 40 | 95 | 45 | 130 | 76 | 130 |
| Median | 31 | 30.8 | 23.3 | 32.8 | 37.8 | 48.6 | 42.8 | 46.9 |
Source: Source: Pricefinder, Corelogic, Domain, Acumentis Research. All amounts in $M AUD
So, who wants to be a billionaire? Sydney does. For the first time ever, Sydney’s Top 25 house sales collectively cracked the $1B mark. Maybe it’s time to change Sydney’s unofficial title from The Emerald City to The Golden City?
| Top 25 Total Sale Prices Per Year | % Change | |
| 2017 | $658,278,400 | |
| 2018 | $728,586,800 | 10.7% |
| 2019 | $524,773,000 | -28.0% |
| 2020 | $702,050,000 | 33.8% |
| 2021 | $782,925,000 | 11.5% |
| 2022 | $993,090,000 | 26.8% |
| 2023 | $994,330,000 | 0.1% |
| 2024 | $1,023,950,000 | 3.0% |
A Tale of Two Markets?
Overall, the very upper end of the market did well, strangely it didn’t feel like it to the observer. That’s because the rest of the market had the foot firmly placed on the brake pedal, with some sellers readjusting their asking prices – sometimes significantly – on homes that hit the market with “bullish” price tags. Still, don’t be fooled that the top end is struggling, it’s not.
What Lies Ahead in 2025?
As for 2025, what’s in store? Hard to say really. Why? Well what’s going to happen with interest rates? I think desperation, more than economic sense, is arguing for rate cuts. Let’s not forget cutting interest rates often leads to a fall in a country’s currency. A lower Australian Dollar means imports are more expensive, which feeds into inflation. And we’re still dealing with the long-term effects of a diminished manufacturing sector.
On the global stage, the inauguration of a new U.S. president—yes, Trump is back in the driver’s seat—will undoubtedly ripple through international markets. Love him or loathe him, his policies will affect economies worldwide, and he’ll likely keep things lively.
Locally, Australia faces a Federal election no later than mid-May. Will there be a change of government? At this stage, I’d say the outcome is uncertain. Uncertainty breeds inaction, especially in the property market.
So strap your seatbelt on and hang on tight as I suspect 2025 will be far more interesting than 2024.