Spring countdown: Big deals in Sydneys east highlight prestige market strength, says Malouf
Two big deals in Sydney’s east highlight the prestige market’s continuing strength as the prime spring sales season looms, says a leading agent.
The sales by Highland Double Bay principal David Malouf totalling more than $34m include a three-level home at 50 Kambala Rd, Bellevue Hill for circa $22 million — double what it last traded for two years ago — and 2/1 St Mervyns Av, Point Piper — the last remaining harbourside residence in the brand new ‘One Point Piper’ development, for circa $12 million.
“We were overwhelmed with interest for both of these prized properties, with many buyers lured from afar by the desirable location, pristine design and added income potential,” Malouf said.
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“These sales are just another example of the underlying strength of the prestige market
which continues to remain extremely strong.”
The 50 Kambala Road property that was owned by property developer Andy Nahas and his wife Carly Sahyoun, which records show traded for $11m in 2020 — was bought by Canberra property developer Zhenglian Wang.
It was sold with an approved DA for a new designer mansion.
The current house features five bedrooms and four bathrooms with a huge backyard with an outdoor fireplace and heated pool.
Manwhile, 2/1 St Mervyns Ave is part of a boutique collection of only three deluxe residences by K2 Property Group.
It comprises four bedrooms and large open-plan living areas that showcase the architectural detail and natural surroundings.
Malouf says while some believe the market is cooling at the moment, Highland Double
Bay Malouf is seeing demand for top-tier prestige property to continue to remain fierce.
“To have facilitated not one, but two high-end sales in a matter of weeks, really underpins
the unprecedented show of market confidence among Sydney’s prestige property sector,” Malouf said.
Originally published as Spring countdown: Big deals in Sydney’s east highlight prestige market strength, says Malouf
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