An unassuming house in Sydney has provided its owners with staggering profits and made them multimillionaires overnight, but it has one feature that is in high demand.
Medical specialist Philippa Harvey-Sutton inherited the Point Piper mansion, known as Rockleigh, from her mother Val Rundle in 2016, reports The Sydney Morning Herald.
It had been in the family since 1978, when it was purchased for a modest $325,000 and recently found a buyer who offered to pay between $80 and $85 million.
The buyer remains a mystery, but the sale will allow Ms Harvey-Sutton and her husband, retired solicitor Alistair Harvey-Sutton, to enjoy their golden years as they downsize to something more manageable.
In 1978, the average house price in Sydney was about $43,000, so even by those standards it was expensive, and the reason is the houses’ spectacular views over Sydney Harbour, which are rarer than ever in the hot real estate market of 2024.
This Sydney home sold for $80 million after being purchased in 1978 for $325,000.
The house (centre left) has several levels extending into the waters of Sydney Harbour.
Point Piper has some of the best (and most expensive) views in the country.
Rockleigh was previously owned by publisher and politician Frederick Pratten, a Liberal and then Country Party member.
The only houses for sale in Sydney more expensive than Rockleigh are in Point Piper.
The highest is $130 million paid by Atlassian’s Scott Farquhar for Uig Lodge.
While his Atlassian co-founder, Mike Cannon-Brookes, spent $100 million on nearby Fairwater.
John Symond recently put his Point Piper home on the market for $200 million, although he has yet to find a buyer.
Homeowners are becoming more confident about putting their properties on the market – the latest figures show 40 per cent more homes available than 12 months ago.
PropTrack’s latest listings report revealed that the Australian property market recorded the strongest new listings for the month of April since 2021.
New listings rose 40.4 percent year-on-year across all capitals.
PropTrack economic research director Cameron Kusher said while there are new listings in each capital, Sydney and Melbourne remain the strongest markets.
“If you look at Sydney and Melbourne, the number of listings has been higher year on year every month since July last year,” Mr Kusher said.
‘While house prices have remained buoyant into early 2024, the surge in new listings has seen the total number of properties advertised for sale increase, particularly in Sydney, Melbourne and Canberra.
“Despite the increase in properties available for sale, other indicators indicate buyer demand remains strong, such as average time on market decreasing and overall inquiries increasing compared to a year ago.”
Kusher said there was a “combination of things” that had encouraged people to consider selling their properties.
“Certainly there is cost-of-living pressure that is forcing some people to sell, but equally I think there are other factors,” he said.
‘Property prices have increased a lot in a short period of time.
‘Some people look at the level of equity they have in their property and use it to improve on the market.
‘I think there are also other factors why people have been delaying the sale and are now in a house that no longer suits them.
“It is very expensive to do a major renovation of a property because material and commercial costs have increased so much, which is encouraging people to move.”