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Waterfront property in Sydney’s Vaucluse aims for record price

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A home in Sydney’s affluent Vaucluse is aiming to fetch a record price.

The waterfront mansion at 38B The Crescent is known as Phoenix Acres and is owned by Singaporean tycoon Chio Kiat Ow.

The 3,731 square metre property boasts an 81-metre wide water frontage, a private boathouse, and jetty facilities. There is also a tennis court and a resort-style swimming pool.

Inside it has 6 bedrooms, 6 bathrooms, open lounge areas, a grand dining room, a tennis court, an English pub (!), a triple garage, a library and a gym.

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In April, the current record price of $71 million was set when Scott Farquhar, the 37-year-old co-founder of the software company Atlassian, bought the Double Bay mansion “Elaine”.

Ray White Double Bay director Craig Pontey said Elaine was beautiful but “needs some work” and believes Phoenix Acres will beat the record price paid for Elaine.

If Pontey is right, poor old Farquhar bought a $71 million fixer-upper.

Ow said his Vaucluse home is “magical and irreplaceable” but is selling because he doesn’t spend sufficient time in Sydney to enjoy it.

Phoenix Acres went for $7,001,000 in 1995, so the price has increased about 1000% in roughly twenty years. Standard gains for Sydney.

Just for a laugh, I had a play with the realestate.com.au mortgage calculator.

Assuming the house sells for $72,000,000 and I have a $7,200,000 deposit, estimated repayments would be a mere $324,753 a month for 30 years.

I’ll take two, thanks.

Source: Domain/ Realestate.com.au

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