Top 10 most expensive Sydney properties sold in 2022

Luxury homes and mansions across Sydney’s most prestigious suburbs continue to sell for sky-high prices even amid the Australia-wide property market correction.

While there are fewer transactions occurring at the top end of the market, with reports that there is as much as half a billion dollars worth of luxury property languishing on the market as the tension between vendor expectations and pricing reality widens, it doesn’t seem to have stopped some of Australia’s wealthiest splashing out on new trophy homes throughout 2022.

In fact, 2022 was one of the biggest years on record for luxury property sales.

And it wasn’t just houses either, many multi-million apartment sales made the list for the 12-month period.

Realestate.com.au data reveals that a huge 28 Sydney properties sold for over $20 million during the year, 6 of which sold for over $50 million.

In the first place, Sydney’s most expensive property sold in 2022, was a sub-penthouse bought off the plan at One Circular Quay reportedly for around $70 million (the official price is undisclosed) in December.

The three-level penthouse has a private elevator, five bedrooms, panoramic views of Sydney Harbour and its own terrace and swimming pool.

Close behind in second place is 38a Wentworth Road in Vaucluse which sold for $62.75 million in February 2022, after being on the market for 3 years.

This seven-bedroom property isn’t on the waterfront, but it does still have views of the iconic Sydney Harbour Bridge and Opera House.

The residence also has a cinema, gym, two swimming pools, a function centre and a 20-car garage.

In third place was 3 Lindsay Avenue in Darling Point which sold for $60 million in March last year - it last sold in 2013 for $32 million meaning its value has nearly doubled in the past nine years.

The 2,396m2 6-bedroom, 6-bathroom, 4-parking waterfront property has a media room, gym and self-contained guest house.

Top 10 most expensive Sydney properties sold in 2022

A prestige property on Coolong Road in Vaucluse, another sub-penthouse at One Circular Quay and Belhaven on Victoria Road in Bellevue Hill made up the remainder of the top 6 Sydney properties which sold for over $50 million - at $60 million, $60 million and $52.5 million respectively.

The remaining 4 spots on the top 10 list for Sydney in 2022 were properties across the city’s eastern suburbs and north shore.

Meanwhile, the highest Sydney sale by auction was 2 Reddall Street in Manly which sold for $21.5 million in October.

What is driving record prices in Sydney’s high-end property market?

Sydney’s high-end property market benefited from strong demand over 2022, making it the biggest year for the city’s luxury property market to date, and giving rise to some of the highest sale prices recorded.

And while demand has certainly decreased from the heady days of last year, A-grade properties will always be sought after by buyers.

Many selling agents reported that their buyers were still content to pay premiums for properties in the high-end luxury market because of the scarcity of homes on the waterfront or other premium positions.

After all, the wealthy rarely need to sell so the market is thinly traded.

Ray White senior economist Nerida Conisbee agrees that the outlook for luxury property Australia-wide remains positive despite the general slowdown in the market.

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

Domain data shows 694 Sydney properties sold for $10 million or more in 2022 - this compares to 61 Melbourne properties, 14 in Brisbane, and 11 in Perth.

An important note

While these top 10 highest property sales make interesting reading, they aren’t necessarily in 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 Robert Chandra Robert Chandra is a Property Strategist at Metropole and has an intrinsic understanding of property markets backed by many years of real estate experience. This coupled with several degrees gives him a holistic perspective with which he can diagnose clients’ circumstances and goals and formulate strategies to bridge the gap.