The first $ 100MILLION house in Australia in the same suburb as former Prime Minister Malcolm Turnbull

A property of 1.2 hectares (pictured) in the port of Sydney will become the first Australian house to be sold for more than 100 million dollars

A beachfront property in Sydney will become the first individual residential property in Australia to reach $ 100 million.

The Point Piper estate, known as Fairwater, has been in the Fairfax family since 1901 and is the largest block of privately owned private harbor land remaining in Sydney.

Christie's International has been named by the trustees to sell the property after the death of 95-year-old Lady Mary Fairfax last September, Domain reported.

A property of 1.2 hectares (pictured) in the port of Sydney will become the first Australian house to be sold for more than 100 million dollars

A property of 1.2 hectares (pictured) in the port of Sydney will become the first Australian house to be sold for more than 100 million dollars

The house has been in the Fairfax family for more than a century, until Lady Mary Fairfax (pictured) died at the age of 95 last September.

The house has been in the Fairfax family for more than a century, until Lady Mary Fairfax (pictured) died at the age of 95 last September.

The house has been in the Fairfax family for more than a century, until Lady Mary Fairfax (pictured) died at the age of 95 last September.

Ken Jacobs of Christie & # 39; s International confirmed that they would sell the property of 1.12 hectares, which would dispel the rumors that the significant site would be left to the people of NSW.

"It's remarkable that a state that offers such rare and unrepeatable features still exists in Australia today, this opportunity will not come back," Jacobs said, according to Domain.

The current Australian record for a single residential property is neighboring Elaine, which raised $ 71 million when it was sold last year, but Fairwater is considered much more valuable.

"When Fairwater's sister property, Elaine, hit the market, it set a new benchmark, but Fairwater has more than 4,100 square meters more – it's really the golden girls from Sydney Harbor," said Jacobs.

The adjacent property, known as Elaine, was sold last year for $ 71 million to multimillionaire Scott Farquhar, founder of the software company Atlassian, and is 60 percent smaller in size.

Both properties are located off New South Head Rd and back to Sydney Harbor, however, Fairwater has better views from its northernmost position.

The two-story house is located in the affluent coastal neighborhood of Point Piper (pictured)

The two-story house is located in the affluent coastal neighborhood of Point Piper (pictured)

The two-story house is located in the affluent coastal neighborhood of Point Piper (pictured)

The property was sold for £ 5350 in early 1901 when Sir James Oswald Fairfax bought the two-story house.

He has been in the Fairfax family ever since, with Sir Warwick Fairfax inheriting the property.

The government of New South Wales will raise about $ 6.9 million in stamp taxes for a $ 100 million deal.

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