The rise of Sydney's non-waterfront trophy home

When it comes to buying the best house in town, traditionally that has come on a prime harbour front block, preferably with room out back to park the yacht.

But as Sydney has assumed a more prominent place on the international trophy market, there has also been a change in what makes our most expensive homes.

As Christie’s International’s Ken Jacobs points out, “the top four sales of last year were all non-waterfronts”.

It was a dramatic turnaround in the sort of trophy homes that have historically lead Sydney’s housing sales.

Take the Hermitage on the waterfront at Vaucluse, which was the first home in Sydney to cross the $1 million barrier in 1975 when it was bought by the late hospitality legend John Hemmes.

The Elizabeth Bay waterfront prize Boomerang set a high of $20.7 million in 2002 when it was bought by businessman John Schaeffer.

In Point Piper, Australia’s most famous trophy home Altona reset the market again in 2013 when the waterfront estate sold for $52 million.

“There’s no doubt that the changing demographics that make up the trophy marketplace have changed and with that the emphasis from buyers has also changed to a preference for views over harbourfrontage,” said Brad Pillinger, of Pillingers.

The appeal, according to Jacobs, “is you tend to get more expansive views from an elevated property, there’s more privacy away from the waterfront and it’s easier to get larger, more livable blocks of land away from the waterfront”.

The international profile of our buyers, from Asia specifically, has made those views all the more prized.

“When international buyers are in Australia they want to know they’re in Australia by seeing those iconic views, and the Opera House and Harbour Bridge are key to that in Sydney,” Jacobs said.

The ripple effect of that international buyer attention has given rise to strong sales in the backstreets of these prestige neighbourhoods where the elevation offers those iconic view to the Harbour Bridge.

“We are definitely seeing a marked change in our dress circle addresses on the back of that demand for sensational views,” said Danny Doff, of Laing+Simmons Double Bay.

“Buyers from China don’t care if a house is set on what was once prestigious Fitzwilliam Street or Kings Road. For them it comes down to the view on offer, and if that’s on Kings Road, then they’ll pay huge money to buy it.”

That change was brought home to Doff in 2014 when he sold a contemporary home on Kings Road with gun-barrel harbour views for $11.7 million. “No one thought we’d get double digits for that house but we had two buyers from China fight it out in the end,” said Doff.

Doff followed up the sale with another off-market sale at $10.2 million last year for another well-positioned home on Kings Road to Daijun Chen, from China. Sotheby’s James McCowan said there have been a handful of other sales in the street at strong prices in the past two years that would have been unimaginable previously.

Vaucluse’s Hillside Avenue staked its place among the east’s premier addresses in 2011 when it was sold by businessman John McNiven for $21.5 million to Yang Yang, from China, making it that year’s highest sale.

The demand for iconic views over waterfront has been echoed at key prestige addresses on all sides of Sydney Harbour in recent years, from Arabella Street in Longueville, March Street in Bellevue Hill and Chevalier Crescent in Hunters Hill.

However, the top sales results of 2016 are likely to show a return to local preferences for waterfront homes judging from comparative dearth of Chinese buyers thanks to China’s own crackdown on capital outflows and the state government’s introduction of a four per cent stamp duty surcharge on foreign buyers in June.

Michael Pallier, of Sotheby’s International, has done five sales in the past month for more than $10 million, of which only one was to a buyer from China. “A year ago four of those sales would have been to Chinese buyers with only one to a local.”

Bertha Road, Cremorne, NSW. Photo: Domain.com.au

Bertha Road, Cremorne
$15-$15.5 million
6 bedrooms, 9 bathrooms, 4 car spaces

This Sydney property offers some of the most spectacular harbour and city views north of the Sydney Harbour Bridge but also offers an attractive large, level and private patch of land.

“If a top buyer came to Sydney and said show me your best property with the ultimate Sydney views, then this is it,” says listing agent Richard Simeon.

“The property is a consolidation of two sites and sits of level land with a 298-metre frontage and dual street acess,” he said.

There are two residences including a grand three-storey Federation home with four bedrooms, multIple living areas and self-contained entertaining floor with billiard room and kitchenette. The second residence can be used as guest cottage, with its two bedrooms an entertaining house and teenage retreat.

Expressions of interest: Richard Simeon, Simeon Manners – 0411 499906

See more of the property here. 

7 Eastbourne Road, Darling Point, NSW. Photo: Domain.com.au

7 Eastbourne Road, Darling Point
$14-$15 million
5 bedrooms, 4 bathrooms, 2 car spaces

This home in Sydney’s eastern suburbs has history and position. There are views of Sydney harbour from the pool, terraced gardens and wide inviting verandahs along with many rooms of this 1870 Gothic Revival mansion.

“The property is beautifully finished and it is ready for someone to just walk straight in and enjoy,” says listing agent Brad Pillinger.

Its position also offers the winning combination of “views and privacy” and the estate covers 1157 square metres in select Darling Point. A custom-built kitchen with marble counter tops has direct access to a wide verandah and there is a separate cottage ideal for nanny’s accommodation.

*Update: This property has been sold by private treaty, price withheld.

See more of the property here.

1B Loftus Road, Darling Point, NSW. Photo: Domain.com.au

1B Loftus Road, Darling Point
$9 million
4 bedrooms, 4 bathrooms, 4 car spaces, 1 pool

The location of this harbour view property is a major drawcard of this home, along with its generous size. “It has the proportions of a house, 550 square metres of space,” says selling agent D’Leanne Lewis.

Opposite the Cruising Yacht Club and harbourside park, the home is also close to the restaurant and cafe hub of Potts Point and a rejuvenated Double Bay. “It is the epicentre of the eastern suburbs,” says Lewis.

Large verandahs take in harbour views and a pool and its surrounding terrace is the ideal spot for summer entertaining.

Expressions of interest:

D’Leanne Lewis, Laing & Simmons Double Bay 0419 676 667

Michael Pallier, Sydney Sotheby’s Residential Realty 0417 371 522

See more of the property here.