Bellevue Hill jonat h a n ch a ncel l or
Sydney’s Bellevue Hill had a steady spate of trophy home sales last year, reaffirming its position as Sydney’s priciest inland suburb. The likes of Belhaven and Bonnington both fetched more than $20 million in 2017, while other notable sales touching the $20 million mark include Sundorne, the redundant cranbrook School offering. Last year there were five sales over $10 million, the most since 2014. This year there has been one. Sally dale, state director of property valuation firm opteon, says the recent Sydney dip hasn’t affected the prestige market. “with signs of a softening market in the past six months across Sydney property, the prestige market appears to remain largely untarnished,” she says. dale cites Bellevue Hill’s strong performance over the past few years following a decline in the market at the turn of the decade. “after 2011/12, there was comeback growth in 2013, a somewhat steady 2014, and then rapid growth from 2015 to 2017,” she says. “This three-year period saw record volumes of sales occurring in the trophy home prestige sector, which I define as the market $10 million and above. This record growth is largely attributed to business and consumer confidence, share market performance, the australian dollar, foreign buyer activity, and economic conditions domestic and abroad.”. coreLogic puts the current median house price for the suburb at $5.4 million – well up on the $3.4 million median of early 2015.
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Prestige and provenance are proving a bulwark against any dip in the Sydney market
The priciest sale this year has been a 1930s family home on Victoria Road, Bellevue Hill’s most prestigious street, which fetched around $19 million off market. It was bought by cathie oppenheim, wife of Paul oppenheim, the boss of investment banker Plenary Group. The property had been owned since 2010 by Francesca Harvey, wife of barrister malcolm Grace, who bought it from hotelier John Ryan and his wife Sarah for $13.5 million. The oppenheims have since listed their property on 8 kambala Road with $11 million hopes. Ray white double Bay agents Elliott Placks and ashley Bierman are marketing the five-bedroom home, which features a number of alfresco areas that look out across the city. It has several living zones opening to the 890sq m gardens,
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which include a 15m saltwater pool and adjoining cabana, complete with a built-in barbecue and jacuzzi. The home has undergone extensive renovation since the couple paid $4.6 million for it in 2007. Placks and Bierman recently sold elsewhere on kambala Road a 1920s stately home that last traded for $6.5 million some 15 years ago. It had $15 million hopes after a big renovation by the owners, cookbook author Judy Phillips and her property developer husband Rob. one of the most recent trophy sales in Bellevue Hill was at 8 Ginahgulla Road, a four-bedroom home that fetched around $14.5 million. It has a 6000-bottle climate-controlled wine cellar, retractable glass doors extending the lounge and dining spaces out to a courtyard with harbour views, and a 13m saltwater pool. alison coopes at agency by alison coopes sold the property in conjunction with ashley Bierman. Victoria Road, a long stretch with many hidden battle-axe residences, retains Bellevue Hill’s priciest properties, with four of the six most expensive home purchases located there. It holds the suburb record, set in 2015 when Leura, an 1890s Federation Queen anne-style home, sold to chinese businessman and yachtie wilson Lee and his wife Baoyu wu for $30.8 million through Ray white agent michael Finger. Federation-style properties, a signature of Bellevue Hill, are always
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