Some of the biggest mansions in Australia are fetching record prices as it becomes clear that demand for luxurious homes in Australia is far outpacing supply.
And it’s not surprising given that the number of ultra high net worth (UHNW) individuals in Australia is surging, with many of the world’s richest drawn in by our white sandy beaches, year-round sunshine and impressive quality of life.
Note: The best luxury properties on the market for sale right now are mostly located along the east coast, mostly densely populated in Sydney and Melbourne’s most affluent suburbs, while there are also some luxury property options available in Brisbane, and even in Perth and Adelaide.
Here’s a roundup of 10 of the best luxury houses for sale in Australia in 2024, in no particular order.
1. Chandler, QLD
Listing: Domain
Set on 5 acres, the 6-bedroom, 6-bathroom, and 8-parking mansion in one of Brisbane’s most expensive suburbs is described in the listing as a “luxury haven” and “the ultimate oasis to escape, rest and retreat”.
Located around 17km from the Brisbane CBD, but in close proximity to necessary amenities, exclusive schools, sporting facilities, major shopping precincts and the airport, the property has pretty much everything you could ever need.
The extensive list includes a cinema, billiards room, temperature-controlled wine cellar, saltwater pool and heated spa, fire pit, separate self-contained guest wing, basketball court, cricket net, golf facility and even a dressage arena.
There’s no guide price on the listing but the property last sold for $1,447,000 in August 2017.
2. Toorak, VIC
Listing: Domain
Situated in an exclusive Toorak Court, the luxurious opulent home at 7 Stonehaven Court in Melbourne’s most exclusive suburbs, has expansive proportions, smart flexible zones and superb finishes and fixtures.
Once home to the Swiss consul, this two-storey Tudor revival residence is set on 1,233 sqm (approx) and includes a study, library/office, multiple living zones, 2 additional kitchenettes, a 500-bottle cellar and a games room.
The property, which is in close proximity to many of Melbourne’s finest schools, Hawksburn and Toorak Villages and transport, has a guide price of $16.8 million to $18 million.
The property last sold for $3,920,000 in 2007.
3. Bronte, NSW
Listing: Domain
This beachfront property in one of Sydney’s most expensive suburbs boasts a 180-degree ocean panorama stretching from Bronte to Tamarama.
The 4-bedroom, 5-bathroom property is set across 3 levels with a front terrace, backyard pool, double garage, internal lift and premium contemporary finishes.
There is no price guide on the listing but it was last sold for $1,980,000 in 1998.
4. Toorak, VIC
Listing: Domain
Also in the affluent suburb of Toorak is the contemporary family home at 44 Verdant Avenue.
With fluid curves, a clean minimalist palette and luminous interiors of this newly renovated property, with 5 bedrooms and 4 bathrooms, has views out to the Yarra River.
It has soaring ceilings and boasts the largest single-piece European Oak floors available on the market, Australian-made 100% wool carpet and custom-crafted Italian timber cabinetry and doors provide the basis on which the new interior designer aesthetics complement this entertainer’s utopia.
It also has a large alfresco balcony, a travertine-surround open fireplace and a built-in Liebherr wine fridge, an all-generation rumpus room with a bar and a wine cellar, a private courtyard, a built-in study alcove, ducted heating/air-conditioning and internal access to a double auto garage with auto gates.
The property is listed inviting expressions of interest in the range of $8.1 million-$8.9 million.
5. Sydney, NSW
Listing: Domain
Situated on level 23, Residence 2305 is a magnificent 164m2 northeast-facing three-bedroom apartment with floor-to-ceiling curved glass facade providing breathtaking views of Hyde Park and Sydney Harbour.
The 3-bedroom, 2-bathroom property has a spacious kitchen with a separate butler’s pantry, a wine cabinet, custom-designed accessories and secure underground parking with storage.
Residents also have exclusive use of the city’s most private wellness space, complete with a heated open-air pool, fitness studio and yoga deck, an elegant residents’ lounge and adjoining dining room, leafy wrap-around terrace, lush rooftop garden and a pet-friendly park.
The property is for sale at a price of $8 million.
6. Church Point, NSW
Listing: Domain
This private estate at 22 Quarter Sessions Road in Church Point, a peninsula on Sydney’s northern beaches, spans more than 5,000 sqm with a wide view of Pittwater’s shoreline.
The 4-bedroom, 3-bathroom property has parking for 4 cars, an azure-blue infinity pool, a cabana, magnificent gardens, formal and open plan living, a private wing for the master retreat and office deck and a guest suite.
The property is listed requesting expressions of interest around $8.5 million – $9 million.
7. Sanctuary Cove, QLD
Listing: Domain
This 5-bedroom, 11-bathroom waterfront property in Queensland’s Sanctuary Cove is set on a 1,789m2 and has room for parking for 20 cars.
It has views that stretch across the Coomera River to natural bushland reserves, multiple expansive formal and informal living and dining zones across both levels, a gourmet chef’s kitchen with butler’s pantry, a waterfront pool, screened terrace, outdoor kitchen and sunken fire-pit by the water, wine cellar and bar.
The property is listed for sale for $19.7 million.
8. Newrybar, NSW
Listing: Domain
Nestled in Byron Bay’s hinterland is the 8-bedroom, 8-bathroom mansion at 225 Broken Head Road.
Also known as ‘Cedar Hill’, the multiple award-winning property is “Australia’s epitome of tranquil luxury”, according to the property listing.
It sits on a 5-acre estate in Newrybar with 2 expansive blackbutt residences connected by a light-filled glass walkway, soaring ceilings with exposed timber beams, and polished concrete floors defining the multiple living spaces.
The property has an infinity pool, built-in bar, media room, mineral pool spa, large terrace and firepit and is separated into a ‘sleeping barn’ and a ‘living barn’.
The property has no price guide but is open for expressions of interest – it last sold for $2.415 million in 2019.
9. Burraneer, NSW
Listing: Domain
The 5-bedroom, 3-bathroom property at 251 Woolooware Road in Burraneer has an enviable waterfront location on a large 1,150sqm (approx.) parcel of land.
It includes a range of deep waterfront amenities, including a jetty pontoon, slip rails, and a boatshed with kitchen and bathroom facilities and stunning views of Burraneer Bay.
There’s also an in-ground pool, separate self-contained flat offering bedroom, kitchenette and bathroom and triple garage.
There is no price guide, with the property up for auction unless sold prior – but it last sold for $7,622,500 in March 2021.
10. Vaucluse, NSW
Listing: Domain
This 5-bedroom, 6-bathroom property at an undisclosed address in Sydney’s Vaucluse, is a magnificent home with northerly harbour views on an expansive 2,266 sqm estate.
It has living spaces with stone fireplaces, an expansive garden terrace, with an entertaining pavilion and swimming pool with views extending to the Manly headlands, a five-person lift accesses all levels of the home, with quick access to harbour beaches, vibrant village hubs and elite schools.
The property has no price guide but expressions of interest are invited.
What’s the outlook for luxury properties in 2024?
Over the past decade, Australia’s luxury houses have experienced a far stronger rate of growth than the rest of the market.
Median-priced houses have increased by 78%, while houses priced in the top 5% of the market have doubled.
So it appears that luxury real estate in Australia has been a good investment over the past decade.
And the market for Australia’s luxury houses is expected to outperform the rest of the residential sector this year, while more affordable suburbs are expected to take a hit due to high interest rates and the cost of living (which affect this segment more).
According to recent research by NAB, growth in the luxury property market can be expected to continue in 2024, particularly on the east coast of the country.
NAB economists explain that the strong prices being achieved in the luxury property market were and continue to be underpinned by the combination of a lack of supply, wider economic health, the return of wealthy purchasers from mainland China, and the appeal of Australia as a desirable destination.
And despite the higher interest rate environment persisting through 2023 with the potential of higher rates for longer, the luxury property buying cohort has been largely unaffected when compared to the broader market.
After all, for wealthier individuals, higher interest rates can mean higher income, as often large sums are held in lower risk fixed income products as a means of preserving wealth and lowering the risk profile of a large, diversified investment portfolio.
Note: While I’ve always advocated investing in areas where more affluent people live and wage growth is higher than the state averages, the very top end of the market, the most luxurious of homes and apartments, tend not to be great investments as this segment of the market is more volatile in price growth.
They tend to increase strongly during good economic times and full value decline during challenging economic times.
But there is no doubt that overall, the shortage of dwellings, both for sale and for rent, at a time of skyrocketing population growth, is going to continue this year.
And, as buyers and sellers realise that we have reached a peak of interest rates and that inflation is coming under control and consumer confidence returns, buyer and seller activity will pick up.
So, I currently see a window of opportunity to get into the property market before the crowd does.
If you look back at previous cycles, when the market turned, property prices surged rapidly – look at what happened in the post-Covid property rebound in 2020 or in 2019 when the market suddenly turned after the Federal election.
Of course, those who acted then and purchased quality investment-grade properties are possibly thousands of dollars ahead and have set themselves up for financial security.
The media are catching on to what’s happening and reporting more good news property stories.
This means the window of opportunity will close sooner rather than later as more homebuyers and investors enter into the market.
