Top 10 highest property sales in the past 12 months

Property prices around the country enjoyed a boom in prices over the 12 months to June 2022, before falling steadily from their peak, but there is one section of the market where performance has outdone bucking the rest - high-end real estate.

According to a recent Ray White analysis, the pandemic-induced surge in property prices wasn’t just restricted to houses in the high-end property market, units also sold in huge volumes to reach record highs too.

In 2022 alone, there were in excess of 1,400 units sold over $3 million, and over 550 houses sold over the $10 million mark.

“While the pandemic resulted in a rush of high-end sales, it also resulted in an above average price lift,” Ray White chief economist Nerida Conisbee said.

The analysis also shows that price growth of the top one per cent of homes sold showed above average performance - the median price of the top 1% of most expensive properties sold has climbed by $1 million over the past two years.

While high-end sales didn’t do particularly well in 2018 and 2019, this completely turned around by 2020.

Over the past 12 months, the median price of the top one per cent of properties sold has increased by 10 per cent, easily outperforming the rest of the market.

“We have seen an increase in properties sold over $10 million - partly this has been due to such high price growth, so more properties overall have been pushed into this pricing, but also because the strength of the market has meant that more people have come to market,” Conisbee told the AFR.

So where are these luxury homes being sold?

The top 10 highest property sales in the last 12 months

Ray White data also reveals the top house sales over the past 12 months - three of which are located in NSW, three in Victoria, three in Queensland, and three in Western Australia.

At the top of the list is 3 Lindsay Avenue in Darling Point which sold for a huge $60 million in March this year.

The six-bedroom, six-bathroom property last sold for $32 million in October 2013.

In second and third place on the list were 20 Wolsely Road in Point Piper and 12 Tivoli Avenue in Rose Bay, both in NSW, which sold for $45 million each in April 2022 and September 2021 respectively.

The three Victorian houses, all in Toorak, came in fourth, fifth, and sixth place.

47 Lansell Road, 802 Orrong Road, and 60 Hopetoun Road sold for $41.3 million, $38.5 million, and $30 million respectively.

The outlook for luxury property

According to Conisbee, the outlook for luxury property remains positive despite the general slowdown in the market currently occurring.

“The most popular luxury suburbs are short on land and as a result, it’s going to continue to be difficult to secure a home within them,” she said.

And despite inflation woes, there are still a lot of people making a lot of money who will be looking to buy beautiful properties.

Domain data shows that 694 homes with $10 million or more sold in Sydney during the past 12 months.

Another 61 properties of the sale value sold in Melbourne, 14 in Brisbane, and 11 in Perth.

A final note

While these top 10 highest property sales make interesting reading, they aren’t necessarily the suburbs I would recommend investing in.

At Metropole, we always advise on the importance of investment-grade properties and locations, rather than chasing a hotspot or growth area.

That’s areas and properties which hold their value over the long term, rather than benefit from an uptick in demand.

But even before looking for the right location, make sure you have a Strategic Property Plan to steer you through the upcoming challenging times our property markets will encounter.

Because aside from remembering that you should focus your efforts on investment-grade properties and locations, you also need to remember that property investing is a process, not an event.

That means that things have to be done in the right order – and selecting the location and the right property in that location comes right at the end of the process.

And that’s because what makes a great investment property for me, is not likely to be the same as what would suit your investment needs.

About Leanne Spring Leanne is a highly experienced Buyers Agent in the Brisbane Real Estate market. Leanne became a passionate lover of property in 2001. Since then, both professionally and personally, she has been involved in all aspects of property including purchasing, negotiating, renovating, and selling.