Australia’s terrace listed at $22 million
A magnificent Victorian terrace in inner Sydney is poised to set a new national record for terrace sales.
‘Saraville,’ a freestanding terrace built around 1890, features four bedrooms and sits on a 341sqm block at 29 Challis Street, Potts Point. It has been listed for sale with a price guide ranging from $20 to $22 million.
If the property sells within that price range, it would mark an increase of at least $7 million from its last sale in 2016, when it fetched $13 million.
At that time, it set the record for the highest price ever paid for a terrace in Australia. However, that record was surpassed a few years later by the sale of a terrace just two doors away, which sold for $14.7 million in 2018.
However, a sale within the expected price range would once again secure the title.
Selling agent Geoff Cox of Richardson & Wrench, who is handling the listing with Jason Boon, stated that the home’s scale distinguishes it from other terraces in the suburb.
“It measures approximately 475sqm internally, with around 160sqm of outdoor space,” he said.
“Most large terraces in this area are between 250 and 300sqm, so this one is significantly larger.”
The home’s luxurious fittings could support a record-breaking price. It boasts a north-facing living area that seamlessly connects to the chef’s kitchen and opens onto a leafy courtyard featuring a vertical garden.
Each of the four bedrooms has its own ensuite, and the main bedroom on the top floor includes a freestanding bath. Additionally, a three-car garage provides parking access via the rear lane.
Mr. Cox mentioned that the transformation of Potts Point over the past decade has solidified its reputation as a high-end market for the ultra-wealthy.
“It’s changed completely from what it used to be,” he said. “It’s now truly a village.”
“Certainly, the lockout laws played a significant role, but the area was evolving even before that,” he said.
“People are drawn here for the lifestyle—being able to step outside and access all the restaurants, cafes, and boutiques.”
“Many buyers in this market may already have properties in Palm Beach, the Southern Highlands, or the South Coast and are looking for a luxury residence in the city. Potts Point meets all those criteria.”
He noted that the limited availability of high-end properties in the area has kept values high.
Recent sales in Potts Point include a five-bedroom terrace at 5 McDonald Street, which sold for $8.6 million in April, and a three-bedroom apartment at 2/1 Grantham Street, which sold for $8.3 million in January.
The suburb’s highest sale remains at $34 million, achieved when billionaire steel magnate Sanjeev Gupta bought ‘Bomera,’ a grand Italianate mansion at 1 Wylde Street.
This record was closely matched by the $30.35 million paid by billionaire and Rode Microphones owner Peter Freedman for 2 Macleay Street last year. This property is now slated for a $10 million upgrade.
Meanwhile, a new contender for the national terrace record is available for purchase across town.
An expansive terrace at 71C Harris Street, Pyrmont, is on the market with a $21.5 million price guide.
The newly constructed property features over 1,400 square meters of living space spread across seven levels.
This includes a 316-square-meter basement, which the listing proposes could be used as a car gallery or private nightclub.
