As if in counterpoint (or emphasis) to my previous article, lets talk about recent luxury and celebrity sales.
If you think Byron Bay, or eastern suburbs of Sydney, has a staggering median property price, look no further than London W8. Kensington Palace and Kensington Palace Gardens has a median price of 42.6 million pounds ($92M AUD). This is about 100 times the median of Byron Bay and Sydney and 150 times the average of UK and is dubbed “Billionaires Row”.
Sydney’s top property price of $56M of Altona (sold by now Byron Bay resident Deke Miskin) has been topped. James Packer’s “La Mer” in Vaucluse (pictured) was recently sold to reclusive Chinese billionaire Chau Chak Wing for $70M. He never inspected the property prior to purchase. Rumour has it that Packer’s ex, Erica Baxter, hated the place and she thought it had as much taste as a shopping mall. She only briefly moved in after completion in 2013 and promply moved out prior to their separation. The property has six bedrooms, gymnasium, a 20 car garage and 20 seat cinema.
Cate Blanchett and theatre director husband Andrew Upton have listed their Hunter Hill home with hopes of $20M. “Bulwarra”, a sandstone waterfront on 3,642 square metres was purchased in 2004 for $10.2M and was then renovated.