Scott Farquhar’s $130m house purchase record may not last for long
“I think its worth that price all day long. It’s a fantastic property that sits on a hill with its own private driveway and gatehouse. It’s a billionaire’s trophy home if ever there was one,” he told The Australian Financial Review.
The record price paid for Uig Lodge – the second-highest overall behind the $140 million sale of a three-storey penthouse in Barangaroo East in 2019 – while setting a new mansion record, could be eclipsed by a number of eastern suburbs homes, were they to be offered to the market, Mr Pallier said.
These include Aussie Home Loans founder John Symond’s multi-level Point Piper mega-mansion, which had a $100 million asking price when marketed unsuccessfully in 2016, Johnny Kahlbetzer’s sprawling waterfront property Windermere in Vaucluse and the French-style chateau Menulog founder Leon Kamenev is building across an amalgamated site on Coolong Road in Vaucluse.
Mr Palliersaid the Farquhars had been “clever” to get in early and make a direct approach given the scarcity of listings.
“If it had been marketed [publicly] it would have gone for a lot more,” he said.
“I’ve never seen so many people coming in to buy from overseas. They are mainly from Asia – new migrants and expats who are coming back.”
This pent-up demand, Mr Pallier said, would continue to fuel demand for a Sydney market starved of luxury listings in 2023.
Offering spectacular views of Sydney Harbour, Uig Lodge was sold privately by rag traders Steven and Carol Moss, who paid just $9.2 million in 1996.
The Mosses were approached by Mr Farquhar and his wife Kim Jackson, after the couple’s plans to redevelop Elaine, the rundown Point Piper mansion they paid $71 million for in 2017, stalled and after they were unsuccessful in reaching a deal with businessman Ian Joye to buy his Barford estate in Bellevue, which they are renting.
“We’re excited to have found a family home ready to move into,” the Farquhars said in a statement confirming their purchase of Uig Lodge.
Melbourne also notched up a record sale this year – the $80 million purchase of 29-31 St Georges Road in Toorak by crypto casino co-founder and Financial Review Young Rich Lister Ed Craven was among other notable mansion sales.
However, prominent buyer’s agent David Morrell expects a quieter start to the year due to a lack of blue-chip offerings and an abundance of lower-tier mansions.
“There’s all this stock on the market, but it’s not stuff you want to die for. Anything that is really good goes straight away,” Mr Morrell said.
He added that Melbourne had not seen the influx of Chinese buyers yet. “It’s all local families and CEOs,” he said.
Mike Gibson, an agent at Forbes Global Properties in Melbourne who sold Rupert Murdoch’s nephew Michael Kantor’s Armadale mansion Namarong for more than $24 million in June, said there was still a lot of money looking to buy at the top of the Melbourne market.
“Is it going to slow down in 2023? We doubt it.”
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