Flexible mega-homes: What prestige property buyers consider to be the golden jackpot

As well as a four-bedroom house designed in a style well before its time, the renowned Gruzman House in Darling Point – named after its legendary architect-creator and one-time owner Neville Gruzman – also supplies an income stream or plenty of self-contained accommodation for guests and extended family.

“That’s an amazing prospect, and property,” says agent Deborah Travers, of Sydney Sotheby’s International Realty of the Oswald Street residence.

“It’s absolutely unique. The apartments, when let out, bring in around $130,000 a year which is a pretty nice earner.”

“Having such a beautiful home with four apartments to be sold in line is very, very unusual. But it was such an excellent idea. I think we have had every architect in Sydney through looking at it.”

The iconic home has four separate apartment residences on the same site. Photo: Supplied

The 1958 home – once referred to by Opera House architect Jorn Utzon as having “the best living room in Australia” – is right on trend in offering flexible, versatile extra living areas that can be used as the need arises.

The home is headed for an October 22 auction, with a price guide of $7.75 million.

Gruzman House is expected to sell for around $7.75 million. Photo: Supplied

Michael Clarke, of agents Clarke & Humel Property – who is selling a five-bedroom home in Manly that can convert into a three-bedroom house with a self-contained, two-bedroomflat – says such homes are in huge demand.

“Often, Baby Boomers know they need to downsize, but they’re not emotionally ready, so they can buy a bigger house with separate areas they can use for family or to rent out for an income until they are ready,” says Clarke. “That way, it feels like a sound financial decision, as well as a reasonable lifestyle.”

This five-bedder in Manly can convert into a three-bedroom house. Photo: Supplied

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Many also prefer to have their elderly parents close, believes financial adviser Marisa Broome, principal of Wealth Advice.

“Separate living spaces for such uses are now extremely popular and, in the meantime, they can be used as an office at home,” she says.

Tresco, Elizabeth Bay, has a price guide of around $50 million. Photo: Supplied

Grand estates such as Elizabeth Bay’s 1858 Tresco, now on the market for about $50 million, had extra accommodation as a matter of course.

With its self-contained two-bedroom apartment and former stables converted into offices and a wine cellar, the extra rooms were usually for staff, says co-agent Ken Jacobs, of Christie’s International Real Estate.

“Now they can be used for extended family or older children or for elderly parents,” he says.

Ross Savas, of Kay & Burton in Melbourne, believes such areas are still often used for live-in help and, if not, for family extensions. “There are myriad uses and they’re a fabulous idea that can work extremely well.”