Australia’s ultra-luxury real estate market has reached stratospheric heights, with opulent mansions and penthouses selling for jaw-dropping sums. From historic harborside estates to modern mega-penthouses, the nation’s wealthiest buyers and sellers have shattered property price records as high as $140 million. Below we count down the Top 10 most expensive residential property sales in Australian history, featuring eye-watering price tags, record-breaking sales, and the lavish homes behind those numbers. (All figures are in Australian dollars.)

Built in 1926 for music publisher Frank Albert, “Boomerang” is a heritage-listed Spanish Mission–style mansion boasting 25 rooms (including a cinema modeled on the State Theatre) and a 4,111 m² waterfront garden. It made history decades ago as the first Australian home to sell for over $1 million (back in 1978) and again in 2002 when it fetched $20.7 million. In 2024, Boomerang was sold off-market to an Asia-based buyer for a reported $80 million, bumping it to one of the nation’s priciest deals. The home had been owned by the Fox family (trucking magnate Lindsay Fox’s daughter, Katrina) since 2005, and its sale in 2024 set a new benchmark for Elizabeth Bay, underscoring Boomerang’s reputation as “Australia’s most glamorous home.”

Sydney’s eastern suburbs dominate the high-end market, and Alcooringa in Bellevue Hill is a prime example. This seven-bedroom mansion (with three kitchens and an indoor pool) was sold in August 2024 for roughly $80 million, after an extensive luxury renovation. Remarkably, the seller – fashion entrepreneur and food blogger Stephanie Conley-Buhre – had purchased Alcooringa only five years earlier and invested over $20 million in upgrades. The flip paid off with a ~$30 million profit, and the sale shattered the Bellevue Hill price record (previously held by a $76 million sale of nearby mansion “Leura”). Alcooringa’s blend of classic grandeur and modern indulgence – plus its record-breaking result – cemented its status as one of Australia’s costliest homes.

Even in disrepair, this infamous Toorak property broke records. The decaying mansion at 29-31 St Georges Road – dubbed the “Ghost Mansion” – was snapped up in 2022 by 26-year-old crypto-casino founder Edward “Ed” Craven for an oddly specific $80,000,088. That price (including the extra $88) edged it just above $80 million, making it the highest residential sale in Victorian history at the time. The heritage property had sat vacant for decades, but its prestigious 1.1 hectare Toorak landholding drove the value sky high. Now, the young billionaire buyer is constructing a mega-mansion on the site – plans include a sprawling 220 m² underground gym (nearly as large as an average entire house) – ensuring this once-derelict estate will soon be transformed into one of Melbourne’s most extravagant homes.

Point Piper in Sydney is home to many record-setters, and Rockleigh is the latest to join the club. This pale pink, classic cottage-style mansion on prestigious Wolseley Road sold in a secret off-market deal in 2024 for approximately $85 million. What makes this price especially stunning is the growth in value over time – the same property was purchased back in 1978 for just $325,000. The longtime owners (the Rundle family) initially had hoped for a nine-figure sum, even listing a $100 million price tag on the home. While it ultimately sold slightly under that, the off-market sale of Rockleigh still marked one of the highest prices ever paid for an Australian house, proving that trophy homes on Sydney’s waterfront continue to fetch astronomical sums.

Another Wolseley Road icon, Edgewater is a modern harborside fortress that commanded $95 million in 2020. Sold during the height of the pandemic property boom, this estate boasts 40 metres of Harbour frontage and even a full-size tennis court perched at the water’s edge. Locals refer to Edgewater as a “hidden fortress” for its blend of luxury and seclusion. The home was previously owned by retail magnates (the co-founders of the Katies fashion chain, Joe Brender and the late Sam Moss) who had bought it for just $5 million in 1985. The exponential rise in value – from $5 million to $95 million over 35 years – underscores the explosive growth at the top end of Sydney’s real estate market.

The Fairwater estate made headlines worldwide as Australia’s first nine-figure home sale. Atlassian co-founder Mike Cannon-Brookes purchased Fairwater in 2018 for $100 million, instantly smashing the national price record at the time. This grand sandstone mansion sits on an 8,000 m² (2-acre) waterfront parcel – the largest private garden on Sydney Harbour – which had been held by the Fairfax media dynasty for over a century. Previously the home of Lady Mary Fairfax, the stately residence includes eight bedrooms and expansive heritage gardens. Cannon-Brookes’ purchase not only secured a piece of Australian history but also underlined the willingness of tech wealth to invest in trophy real estate. (Notably, as of 2023–24, Fairwater was reportedly back on the market with hopes around $80 million, though its 2018 sale remains a record moment for the nation’s property sector.)

Just down the road from Fairwater lies Elaine, another storied Point Piper estate that has seen record-breaking transactions. In late 2024, Atlassian’s Scott Farquhar (one of Australia’s tech billionaires) sold Elaine for $130 million – an off-market deal that matched the highest price ever paid for a house in Australia. Farquhar himself had set that record when he bought Elaine in 2017 for $71 million from the Fairfax family, who had owned the property for generations. Elaine is a grand 7-bedroom manor on lush harborfront grounds; it originally broke the national price record in 2017 with Farquhar’s purchase, and now in 2024 it shares the title of priciest house with another Point Piper mansion (Uig Lodge) at $130M. Steeped in history and prestige, Elaine’s saga exemplifies how quickly records can be eclipsed in the high-end market – sometimes by the very same owners buying and selling among themselves.

Uig Lodge is a majestic circa-1900 mansion perched on Point Piper’s hillside, built in a baronial Scottish castle style. In 2023 (late 2022 by some reports), it was sold off-market for $130 million, tying Elaine’s record for the highest-ever house price in Australia. The buyers were again Atlassian co-founder Scott Farquhar and his wife Kim Jackson – notably, they acquired Uig Lodge without a mortgage, underscoring the level of wealth at play. Uig Lodge’s previous owners, Carol and the late Sam Moss, had bought it for just $9.2 million in 1996. Farquhar’s purchase of Uig Lodge (along with his resale of Elaine) means one couple briefly held two of Australia’s most expensive homes concurrently. Uig’s commanding harbor views, sprawling hilltop grounds, and century-old grandeur make it a true trophy home, and its $130M price tag solidified Sydney’s Eastern Suburbs as the epicenter of record-breaking real estate.

Melbourne’s elite enclave of Toorak entered the record books with Coonac, a grand Victorian estate rumored to have sold in early 2025 for a staggering $130–150 million. The off-market deal was shrouded in secrecy – prominent owners Paul Little (billionaire logistics developer and former Essendon Football Club president) and his wife Jane Hansen declined to comment on the buyer’s identity amid swirling speculation. What is known is that the couple purchased Coonac’s historic 1860s Italianate mansion on 1.08 hectares in 2002 for just $14.5 million, meaning the sale could represent a tenfold increase in value. If the upper end of the rumored price (~$150M) is accurate, Coonac would eclipse all previous records for an Australian home sale– topping the $130M Point Piper sales by at least $20 million. The estate features 20+ rooms, a 200-metre street frontage, tennis court, pool, and manicured gardens – truly one of Melbourne’s finest residences. As of this writing, Coonac’s sale has reportedly crowned it the most expensive house ever sold in Australia (since our #1 is technically a penthouse apartment), firmly putting Melbourne on the high-end property map.

Topping the list is not a house at all but a sky-high penthouse that redefined luxury real estate in Australia. In 2019, a yet-to-be-built flagship penthouse in Lendlease’s One Sydney Harbour development (Barangaroo, Sydney) was pre-sold for an eye-watering $140 million. This record-shattering deal combined the planned top-floor penthouse with an adjoining sub-penthouse, creating one massive residence sprawling over the top three floors of the tower with more than 1,600 m² of living space. The apartment (due for completion in 2025–26) will feature a private rooftop terrace, infinity pool, spa and gym, and panoramic views encompassing Sydney’s Harbour Bridge and Opera House. At over $100,000 per square metre, this sale set a new benchmark for price density as well. While technically an apartment, the One Sydney Harbour penthouse holds the title of most expensive residential property ever sold in Australia– a testament to the appetite of billionaires for sky-high luxury. It underscores a broader trend: in an era where “luxury has no limits,” Australia’s top-end buyers will pay unprecedented sums for the very best in location, space, and amenities.

It’s worth noting that these top 10 sales are heavily concentrated in Sydney’s Eastern Suburbs and Melbourne’s Toorak, highlighting how Australia’s richest real estate markets dominate the national records. Outside of NSW and Victoria, price benchmarks are significantly lower – yet still remarkable in their local context. For example, the most expensive home in Western Australia remains a $57.5 million riverside mansion in Perth’s Mosman Park, bought by mining magnate Chris Ellison back in 2009. In Queensland, the record stands at $40 million for a multi-property beachfront site in Palm Beach (Gold Coast) sold in 2024. South Australia’s priciest house, a historic North Adelaide residence, sold for a comparatively modest $13.5 million in 2021. No other state or territory has yet cracked the $10 million mark for a residential sale.

In summary, Australia’s luxury property market has reached unprecedented heights in recent years, with multiple nine-figure deals redefining what ultra-premium real estate is worth. From Point Piper’s waterfront compounds to Toorak’s estate manors and record-breaking penthouse projects, these sales illustrate a high-end “arms race” of sorts among the ultra-wealthy. While most Australians can only dream of such homes, each record sale raises the bar – and it wouldn’t be surprising to see the next “most expensive home” sell for even more in the near future.