Sydney's wealthy home owners dodge price correction

As homeowners brace for falling sale prices, some of Sydney’s wealthiest residents may be toasting their success this week, with new data revealing their homes are selling faster than a year ago.

Stock at the ultra-prestige level, regarded as having a value of $10 million or more, is notorious for taking longer to sell.

But Domain Group data shows the average days on market at that level fell 9.2 per cent in the year to February to 227 days, down from 250.

Discounting also fell to 11.5 per cent in the same 12 months, from 12.2 per cent two years earlier.

“That suggests either improved market conditions at the high-end or vendors pricing more appropriately,” Domain data scientist Dr Nicola Powell said.

In comparison Sydney’s broader housing market has seen discounting rise to 6 per cent in the three months to March, up from 5.1 per cent for the same period a year prior.

“There are more buyers around at the moment in the $10 million range than in the $1 million to $2 million range,” said Alexander Phillips, of Phillips Pantzer Donnelley, who sold the Bronte designer residence of ASX general manager Grant Lovett and his wife Cheryl O’Neill this week for $11 million. 

“It’s about improved market conditions. Stock levels are low and there are so many buyers at that end of the market it’s pushing prices up.”

Justin Topper, of the AI Topper leather goods family, was another of this week’s winners, scoring about $10.5 million for the Bellevue Hill residence he bought three years ago for $8.3 million from property developer Andrew Boyarsky​.

The off-market deal was shrouded in secrecy and Ray White Double Bay’s Ashley Bierman declined to comment, but sources said it was bought by ACFS Port Logistics chief executive Arthur Tzaneros. 

Also in Bellevue Hill was the $11.5 million sale of the home of Plenary Group chief Paul Oppenheim and his wife Cathie through Ray White’s Elliott Placks after 19 days on the market.

• Related: Mark Hutchinson shakes off collapse of Vocation with $16 million sale
• Related: Mike Cannon-Brookes scores Centennial Park house record
• Related: Low-profile buyers swap $7.8 million house for $45 million trophy 

This week’s highest reported sale was about $16 million at Manly for the ocean-front reserve home of Mark Hutchinson, former chief of collapsed education outfit Vocation, topping the suburb record by $5 million.

And on the back of tech billionaire Mike Cannon-Brookes’ record high sale in Centennial Park, estimated at more than $16.5 million, comes rumours his neighbours, signage industry boss Peter White and his wife Julianne, have sold their parkside mansion for about $12 million after being marketed by D’Leanne Lewis, of Laing+Simmons Double Bay.

Fairfax estate offloaded

The Bilgola Beach weekender of the late newspaperman and philanthropist James Fairfax sold this week for more than $3 million.

The clifftop cottage last traded in 1960 for £8250 when sold by designer Roger McLay. It was later redecorated by Fairfax’s friend and renowned interior designer, the late Leslie Walford.

Peter and Jacqueline Blacket, of The Blacket Agency, were unable to reveal the exact sale price.