A waterfront property in Sydney named Wingadal looks set to become Australia most expensive house by a lot, with an asking price of over AUD $200 million (£104.8 million). This stunning harbourside mansion spans 2,676 square metres and has space to host 500 guests. The property’s amenities include two commercial-grade kitchens and a custom wine cellar with 2,500 bottles.
Australia’s luxury property market has heated up after Melbourne’s historic Toorak mansion Coonac sold for AUD $150 million in February 2025. This sale beat the previous record of AUD $130 million, set by a Point Piper residence in 2022. Australia’s most expensive homes showcase incredible features. These properties have expansive gardens, tennis courts and swimming pools that demonstrate the country’s high-end real estate standards.
The Most Expensive House in Australia: Coonac, Toorak
The Coonac estate in Melbourne’s prestigious Toorak suburb has just become Australia most expensive house after a record-breaking sale. This remarkable property is more than just a luxurious home—it tells a story of 150 years of Australian history and architectural excellence.
Historical significance of the property
Coonac is one of the oldest surviving mansions from the Crown allotments sold in 1849. Pioneer pastoralist Robert Bruce Ronald built it in 1866/67. Ronald served as joint Victorian manager of the Australian Mercantile Land and Finance Company. He owned several pastoral stations in Western Victoria and New South Wales, along with cattle stations and sugar plantations and mills in Queensland.
The property’s story reflects Australia’s decades-long economic ups and downs. Ronald left for England in 1875, and the house changed hands several times until Isabella Affleck owned it by 1880. The financial collapse after the 1880s land boom hit owner John Robb hard. He faced rural losses and a massive debt of £860,000, which led the Federal Bank to foreclose on the mortgage in 1893.
The mansion’s survival owes much to its role as a Commonwealth rehabilitation centre from 1948 to 1986. This use saved it from the fate of similar properties in the 1950s and 1960s when developers demolished historic homes to build apartments.
The National Trust saw Coonac’s value early and chose it among their first classifications in the 1950s. The property also has strong ties to the notable Baillieu family. William Baillieu, a prominent financier, politician, and patriarch of the Baillieu family dynasty, bought it in 1907.
Key features and amenities
Coonac sits on a massive 1.08-1.09 hectare lot in Toorak. This makes it one of the top five most expensive houses in Melbourne’s most prestigious suburb. The estate stretches 200 metres along the coveted Clendon Road.
This grand double-storey Italianate mansion spans about 130 squares (1,207 square metres) with 20 rooms. The ground floor has a drawing room, billiards room, two dining rooms, and a spacious kitchen. Upstairs, you’ll find five bedrooms, each with marble en-suite bathrooms.
The property has former servants’ quarters now serving as a self-contained four-room flat. The main bedroom stands out at 4.5 by 10 metres. It features hand-painted and bulls-eye glass, creating an entrance grander than the front door.
The estate’s grounds are stunning with:
- A swimming pool and cabana
- Tennis court
- Park-like gardens with sweeping lawns
- Ornate fountains
- Stone paving
- Extensive outbuildings
- A four-car garage
- A bandstand
- Separate gardener’s accommodation
Second Most Expensive House in Australia: Uig Lodge, Point Piper
Point Piper became Australia’s ultra-premium real estate hotspot after Uig Lodge became the nation’s most expensive house in 2022. Coonac later took over this title. This Scottish baronial-style mansion sold for AUD 198.77 million, showing just how high property values can go in Sydney’s eastern harbour suburbs.
Location and neighbourhood profile
Point Piper is a small but incredibly wealthy harbourside suburb just 6 kilometres east of Sydney’s CBD. The suburb’s size might be small, but it ranks Australia’s most exclusive residential area. Wolseley Road stands out as the 9th most expensive street worldwide.
This peninsula is special because it has just 11 streets. Cars can’t pass through, which makes it a quiet haven for wealthy homeowners. Sydney Harbour surrounds three sides of the suburb. Residents enjoy amazing views of iconic landmarks like the Sydney Opera House and Harbour Bridge.
The neighbourhood reads like a list of Australian business elite. You’ll find Westfield Group founder Frank Lowy, Aussie Home Loans founder John Symond, and many top executives. Money talks here – Point Piper, Darling Point, Edgecliff, and Rushcutters Bay, tops the Australian Tax Office’s list of wealthiest areas nationwide.
Property highlights
Uig Lodge stands proud as a piece of Australia’s architectural history. Built-in 1901, this Scottish baronial castle-style mansion sits at Point Piper’s highest spot. The views of Sydney Harbour from here might be the best among all the luxury properties nearby.
The mansion has just four bedrooms, but that’s not the whole story. Its Scottish baronial design shows off dramatic castle features, making it one of Sydney’s finest homes. The property has turned heads since Lachlan Beaton built it in the early 1900s. Beaton served as the first commissioner of the 1901 Sydney Harbour Trust and helped start the Royal Sydney Golf Club.
Uig Lodge’s best features include:
- Amazing, clear views of Sydney Harbour from up high
- Rich history dating to 1901
- Real Scottish baronial architecture
- Best spot in Australia’s most exclusive suburb
The $130 million transaction
Let’s clarify the price tag—while headlines said “$130 million,” Uig Lodge actually sold for AUD 198.77 million, about £104 million. The sale happened on Christmas Eve 2022, with papers set to finalise in early 2023.
Atlassian co-founder Scott Farquhar and his wife, investment banker Kim Jackson, bought the property while renting in nearby Bellevue Hill. Farquhar paid cash – no mortgage needed. This shows just how much wealth Australia’s tech sector has created.
Steven and Carol Moss from the Katie’s fashion empire owned the property since 1996. They paid AUD 14.07 million back then. That price set a non-waterfront record, proving Point Piper’s long-standing appeal.
The vast price came with big extras – stamp duty alone topped AUD 13.76 million. Farquhar added this gem to his already impressive property collection in the area.
His business partner, Mike Cannon-Brookes, had already made waves in Sydney real estate. In 2018, he set a national record by paying AUD 152.90 million for Fairwater, another historic Point Piper estate.
Impact on Sydney’s luxury market
Uig Lodge’s sale changed what people thought possible in Australian property prices. The price beat the previous record by almost AUD 46 million. Buyers would pay anything for Sydney’s best addresses.
Point Piper now claims Australia’s three priciest house sales:
- Uig Lodge at AUD 198.77 million
- Fairwater at AUD 152.90 million
- Edgewater at AUD 145.25 million
These record sales in one suburb show the fierce competition for properties here, especially those with harbour views.
Third Most Expensive House in Australia: Fairwater, Point Piper
The magnificent Fairwater estate stands as a symbol of architectural excellence and cultural heritage. It’s Australia’s third most expensive house. This Victorian-era mansion broke headlines in 2018 with its sale price of AUD 152.90 million. This remarkable property is located in Sydney’s prestigious Point Piper suburb and blends historical significance with luxury waterfront living.
Heritage listing and historical value
The New South Wales State Heritage Register added Fairwater on 27 March 2000. This recognition places the property among Australia’s most treasured historical residences. The heritage status acknowledges its value to the entire state of New South Wales.
The heritage listing recognises Fairwater’s “rare historic, aesthetic, social and scientific significance”. The property earned this status by meeting several key criteria:
- It shows New South Wales’s cultural history through its ties to the Fairfax publishing family.
- The combined works of architects John Horbury Hunt and James Williamson Manson showcase exceptional beauty.
- The property features rare examples of Victorian and Edwardian craftsmanship.
The story of Fairwater started in 1881-1882. Stockbroker Francis Edward Joseph commissioned prominent architect John Horbury Hunt to design the residence. The property transformed around 1910 when Sir James Fairfax hired architects Manson and Pickering. They improved the dwellings in the Arts and Crafts style. These architects also designed the Fairfax Sydney CBD newspaper office.
Heritage documents describe this “mediaeval and Queen Anne-inspired” mansion. Pale yellow brick walls rise beneath a slate roof with Tudor-style gables. The exterior showcases excellent face brickwork with rusticated sandstone details. Inside, period features remain intact: stained glass windows, painted ceilings, and decorative mosaic floors.
Property size and features
Fairwater reigns as Sydney’s largest privately owned harbourside property. The estate covers 11,210 square metres (1.12 hectares). This grand property stretches from New South Head Road to Seven Shillings Beach, offering unique privacy and beachfront access.
The estate’s size amazes visitors, given its location in one of Australia’s priciest and most densely populated suburbs. Five sub-dividable blocks make up the land. Experts believe splitting this rare property “would not be a smart move”, given its historical value and unified design.
The Victorian mansion shares the grounds with:
- Two additional houses
- A swimming pool
- Sprawling gardens filled with mature trees
- Private access to exclusive Seven Shillings Beach
Visitors often call it “the most extraordinary, joyful place to be” with “a real beauty and tranquilly to the grounds and house itself.” The estate hosted glamorous parties and charity events and welcomed business leaders, politicians, royalty, and Hollywood stars like Kirk Douglas.
Fourth Most Expensive House in Australia: Edgewater, Point Piper
Edgewater in Point Piper ranks fourth among Australia’s most expensive homes, with its AUD 145.25 million price tag. This remarkable property has made headlines for its value and how its ownership changed hands.
Waterfront advantages
Edgewater sits at one of Point Piper’s best spots. It has a rare 40-metre harbour frontage looks straight at Sydney’s iconic landmarks. The property’s clear views of the Harbour Bridge and Opera House create an exceptional sight that few Australian properties can match.
The waterfront location adds more than just beauty. A deepwater jetty gives direct access to Sydney Harbour, allowing residents to move easily between land and water—a valuable asset in a harbour city. These panoramic views and practical waterfront features make Edgewater’s high valuation clear.
Unique selling points
A waterfront tennis court sets Edgewater apart. Even in Point Piper’s luxury market, this feature stands out. The property spreads across 1800 square metres and has the main house next to this premium sports area. This mix of harbour access and sports facilities is rare.
The interior design matches the exterior’s grandeur. The building started as a concrete shell before architect Stephen Gergely turned it into two separate strata homes. The clever layout has:
- A street-level car park that doubles as the home’s roof
- Two separate two-level apartments for different families
- A shared entertainment floor with kitchen and indoor pool
- The tennis court, pavilion and jetty at the water level
Transformation journey
Showbiz entrepreneur Michael Edgley built Edgewater in the 1980s. Joseph Brender and Sam Moss, who founded Katie’s women’s clothing chain, bought it in 1985 for AUD 7.64 million.
The business partners then undertook a detailed redesign. They turned the concrete shell into two homes while keeping shared entertainment spaces. Their business relationship lasted about 50 years, creating a unique co-ownership setup until Moss died in 2016.
Gold mining businessman John Changjin Li started Edgewater’s newest chapter in 2020. The deal had an unusual three-year settlement period. Li has bought the first half for AUD 72.63 million and will settle the other half more than a year later. He plans to turn the property back into one grand residence.
Fifth Most Expensive House in Australia: St Georges Road, Toorak
Two adjacent mansions on St Georges Road in Toorak broke Victorian price records within a week in 2022. These remarkable sales positioned Melbourne among Australia’s ultra-premium property markets. The property ranked fifth nationwide in luxury real estate transactions.
The crypto billionaire purchase
Cryptocurrency entrepreneur Ed Craven, aged 26, set a new Victorian record by buying 29-31 St Georges Road for AUD 122.32 million in August 2022. Craven’s online cryptocurrency casino, Stake.com, carries a valuation of approximately AUD 1.53 billion. Property tycoon David Yu sold the mansion after owning it for over three decades. Yu’s original purchase price 1991 was just AUD 7.64 million, showing a massive 1,500% value increase. Craven bought another Toorak property on Orrong Road for AUD 58.87 million earlier that year.
Property potential despite the condition
People nicknamed the mansion “ghost house” because nobody lived there for 30 years. Former Hoyt’s boss Leon Fink started building this French Renaissance-style residence but sold it half-finished during the 1990s recession. Yu tried unsuccessfully to split the 7113-square-metre block into nine lots in 1992. The property’s value remained high despite its poor condition, thanks to its massive size and location in Melbourne’s most prestigious suburb.
Melbourne’s Luxury Market Impact
Message Media’s Grant Rule bought another property at 17 St Georges Road for AUD 113.91 million just days before Craven’s purchase. These back-to-back record sales “almost instantaneously” changed Melbourne’s luxury property scene. Experts point to limited inventory and significant wealth creation, especially in tech, for these astronomical prices. Toorak stands out with “among Australia’s highest concentration of billionaires”, cementing its status as Melbourne’s wealth hub.
Future development plans
Craven plans to tear down the existing building and construct a new home. His architect, Paul Conrad, suggests the new design will take cues from American or British architecture rather than local styles. Property experts believe the renovated estate could be worth nearly twice its purchase price, potentially reaching AUD 230 million.
Conclusion: The Future of Australia’s Luxury Property Market
Australia’s luxury property market has reached new heights. The top five most expensive houses are now worth over AUD $800 million. These properties are more than just homes – they are historical landmarks, architectural masterpieces, and symbols of immense wealth.
Recent record-breaking sales show a power shift from Sydney to Melbourne in Australia’s premium real estate world. Point Piper’s decades-old dominance faces strong competition from Toorak, which now holds the top spot after Coonac’s historic AUD $150 million+ sale.
These elite properties share standard features across different locations. Each property sits on vast land holdings and holds significant historical or architectural value in Australia’s most exclusive neighbourhoods. Tech industry wealth plays a vital role in recent record sales. Atlassian co-founders now own two of these top five properties.
Property values have skyrocketed despite broader economic changes. Wingadal might soon break the AUD 200 million mark, showing no slowdown. These transactions also help preserve historic mansions for future generations.
Australian luxury real estate now competes on the global stage. Wolseley Road in Point Piper ranks among the world’s priciest addresses. These top five most expensive houses showcase not just Australia’s finest real estate but are proof of the country’s rising status in the global luxury property market.
What is currently the most expensive house in Australia?
The most expensive house in Australia is now located in Melbourne. A luxurious estate in Toorak reportedly sold for up to AUD 229.35 million, setting a new national record.
How does Australia’s luxury property market compare globally?
Australia’s luxury property market is increasingly prominent on the global stage. For instance, Wolseley Road in Point Piper, Sydney, ranks among the world’s most expensive streets, highlighting the country’s growing presence in international luxury real estate.
What common features do Australia’s most expensive homes share?
Australia’s most expensive homes typically boast substantial land holdings, significant historical or architectural importance, and locations in the country’s most exclusive neighbourhoods. Many also offer stunning waterfront views and exceptional privacy.
Who are the typical buyers of Australia’s most expensive properties?
Recent record-breaking purchases have often involved tech industry wealth, particularly from successful entrepreneurs. For example, Atlassian co-founders now own two of the country’s top five most expensive properties.