politics at play
An upcoming federal election usually dampens market activity, unless, of course, you’re an ALP rising star with an eye for the Parramatta constituency. economist Andrew Charlton didn’t wait to secure the spot before spitting out nearly $2 million for a 1970s red-brick number.
And just a few days before alb was elected new resident of The Lodge in Canberra, Qantas boss Alan Joyce also upgraded his home and bought a $19 million home on the Mosman Waterfront. It was good timing. Not so much because of criticism from the airline’s paying public, but because Joyce soon after received a bonus of $4 million in stock on top of his $2 million salary.
As if the average Joe/Joanna wasn’t snappy enough at this point, May also saw the RBA Gov Philip Lowe delivered the first of its eight consecutive rate hikes, prompting high-end buyers to start paying cash.
Think billionaire Gregory Goodman in his latest Woollahra home, chairman of Telstra John Mullen for his luxurious Terrey Hills acreage and “Mr Sydney FC” Scott Barlow on his $45 million home in Point Piper.
Not that anyone wanted to flaunt such wealth. The off-market, where business is conducted behind closed doors – away from neighbors and annoying journalists – was one of the busiest trading venues this year. ASX boss retired Dominic Stevens sneaked out of his Bellevue Hill home for about $50 million without alerting the neighbors and Teslas Robyn Denholm had already taken the keys to her new penthouse in Cremorne Point when news of her $27.5 million purchase broke.
Former Crown boss Rob Rankin took discretion to new heights. When Rankin was called to appear before the Commissioner of the NSW Crown Resorts Inquiry, he initially went missing from action. Maybe commissioner Patricia Bergin should have enlisted the help of local agents – they knew where to find him to sell his $35 million home in Woollahra.
But the year wasn’t without a few sleepless nights. Not so much about stagnant wages, but the lack of available trophy homes to buy.
The high-end solution: DIY.
Venture capitalist Gabriel and Alexandra Jacob are hatching plans for Sydney’s most expensive home on a $95 million lot they’ve consolidated on the Point Piper waterfront. Locals will no doubt enjoy this Bruce Stafford-designed mansion and this easement that intersects Macquarie’s block Nick O’Kane shouldn’t be a big problem.
AirTrunk Founder Robin Khuda has consolidated a $30 million site near Balmoral Beach but has yet to hear from Mosman Council if it will get the green light for a $14 million remodel.
No sooner did Wentworth’s seat shake off its blue-ribbon Liberal status for a teal label than designer Camilla Freeman Topper gained momentum to present plans to demolish and rebuild the home of the former Liberal Prime Minister Sir William McMahon.
The council said no to insurance broker Jim Angelis’ $18 million remodel Barry Humphries‘former mansion in Rose Bay, but Lachlan and Sarah Murdoch are fine renovating their $38.5 million boat shed in Point Piper.
Northwood’s principal landowners Owen Chen secured his proposed home prosecution, although that good news was spoiled when an arsonist – no less than one of his hunting buddies – set fire to his Grade II-listed home next door. Chen no doubt hopes that the police will soon catch the mastermind.
Businessman in gold mining John LiThe redesign of his $95 million Edgewater in Point Piper was rejected by the Local Planning Panel. This was followed by reports that Li had resold his house swap deal to techies Scott Farqharwhich was new for both Farquhar’s office and the current owner of the house, Jo Brender.
The rag dealers were a success story.
months before Nicky Zimmerman bought in Vaucluse for $60 million, bikini designer Erin Deering sold their North Bondi Pad for $8.6 million Roxy Jacenkos mom Doreen Davis Jacenko. Meanwhile, Industrial Clothing’s Nick Kelly bought a home in Rose Bay for $29 million.
Our sports stars were the other big performers. cricketer SteveSmith took his $6.6 million Vaucluse investment two years ago and turned it into a $12.38 million deal, and Buddy Franklin followed his 1000th goal by buying on the Gold Coast for $9 million. sprinter Matt Shirvington did well to come out of his Killara mansion after just two weeks, which sold for $11.6 million but ended up taking a loss overall given his stamp duty expenses.
What could be an ominous sign for the coming year, the liquidators have also been busy.
Bruce Gleeson made headlines with the sale of a missing con artist’s home in Dover Heights Melissa Cadick. For those who spent the year under a rock, it fetched a whopping $6.2 million in 2014, and after a nice renovation, it sold for about $10 million.
Alleged scammer’s Central Coast Weekender Bill dads were sold. The first for a whopping $16.2 million at the height of the February boom and the house next door for $8.5 million, matching the new market conditions in June.
Metigy founder’s Mosman house David Fairfull sold for more than the $10.5 million he paid for it a year ago, but his $7.7 million Kangaroo Valley Weekender was a loss at $6.25 million.
international refugee Michael MenghongGu Hasn’t been spied on in the city since his iProsperity collapsed two years ago, but the completion of the Opera Residences on Circular Quay meant bankruptcy trustees could finally sell the three-bed flat he bought off plan. What was $6.4 million in 2016 was spent for $7.2 million in May.
Bankrupt former mining manager Ian Stolyar will no longer be able to stay in his mother’s Bondi Beach sub-penthouse after it was sold for $8.7 million by a court-appointed trustee.
The smart money sold and left town. Bow David Wenhamwhich was sold in Potts Point for $5.7 million to call Brisbane home.
Rebel Wilson took $9.5 million from the sale of her Birchgrove home to London, NAB’s Anna Sherry sold her “witch hat” home in Annandale for $12.5 million to return to Brisbane and crypto investor Steve Bellotti cashed $30.5 million at his home in Mosman to travel to the US.
Not everyone will remember 2022 so fondly. Former NSW Deputy Prime Minister John Barilaro traded their Queanbeyan home for a new trading job in New York for $2.56 million. Unfortunately, the job didn’t go as planned, but he does have a home in Frenchs Forest with faux provincial French finishes as a $2.17 million consolation prize.
Hamish Douglass started the year as a major shareholder in the investment group Magellan and owner of a stately home in Double Bay inherited from his parents that was quietly sold to buyers for $30 million. He’s ending the year after selling $120 million of his stake at a discount, and the family home had to drop the sale price by 10 per cent as Real Housewives of Sydney’s ‘Property Princess’ Krissy Marsh fetched it for $26.8 million.
Homeowners in Sydney know how he feels: They, too, have seen values fall 11.4 percent from the peak.
Give me 2023.
https://www.smh.com.au/property/news/for-trophy-home-owners-2022-was-a-good-year-to-be-rich-20221214-p5c68j.html?ref=rss&utm_medium=rss&utm_source=rss_property For trophy house owners, 2022 was a good year to get rich