The most expensive real estate in the country, according to a new report.
In Australia, the most desirable property in the capital is a $4.7 billion Victorian mansion called the Royal Palace in Adelaide, which has been sold for a whopping $2.5 billion.
It is listed for $4 million.
The report from real estate firm CoreLogic found the most affordable property in Sydney is a three-bedroom house at St John’s Church in Wollongong that sits on 1.5 hectares of land and has been listed at $1.8 million.
The Sydney suburb of North Sydney is ranked No. 2 in the list, with a $1 million house at the top of the list.
“This property is a gem of a property,” said CoreLogi president Andrew Brown.
“It is a truly stunning property and has a lot of character.
It’s one of the best examples of a multi-purpose house in the city.”
The property has been in private hands since 2013, when it was purchased by Mr Brown’s father, and the elder Mr Brown, who now owns a Sydney property company, bought it.
“He’s really enjoying the lifestyle and it’s not about just buying it,” he said.
“We’ve got this wonderful history and we want to keep that in our hands.
We’re not interested in selling it off and moving to Sydney.
It just so happens that it’s a fantastic asset.”
The top 10 most expensive properties in the state are:$4.6 billion Victorian property: The Royal Palace, in Adelaide ($2.9 million)$3.5 million Victorian house: St John St Church, in Womens’ Club ($1.7 million)2.7-acre Victorian property at St Johns Park ($1 million) $1,734,000 Sydney house at Kingsland, in the Wollumbungs ($1,3 million)1.5-hectare Melbourne estate at Westbourne Park ($848,000)$1.4 million Melbourne mansion: St George’s in the Fields ($812,000)”The Royal Palace has always been the most popular of our properties, and we have been pleased with the way that the owner has kept it in good condition,” Mr Brown said.
The property has a history dating back to the 1850s when it belonged to the Duke of Wellington.
Mr Brown described the property as being a “prestigious property”.
“We have an extraordinary collection of fine art, fine art collection, and some very, very rare books,” he explained.
“It’s a unique collection of buildings that have been used over the years for royal purposes.”
The most expensive property in Melbourne is a six-bedroom Victorian house at Piedmont Park ($2 million).
The property, located in a small community, has a spectacular view of the Sydney Harbour and a “world-class” tennis court, according the report.
It sits on a small site with only one-and-a-half hectares of ground.
“The Piedmolen Park property is one of only a handful of properties that can boast such a grand setting,” Mr Burns said.
“The property is in a very beautiful location with outstanding natural beauty and is a great example of the beauty of the Victorian countryside.”
If you want a house that is really a piece of Australian heritage, then you’ll want to visit Piedmillon Park.
You can’t go any further.
“The report also found a number of properties in Brisbane and Perth were among the most unaffordable.
The top 10 least affordable properties in Melbourne were:$2.6 million Victorian home: PiedMolen Park, in Prahran, Brisbane ($1M)$2 million Victorian property in Blanchard, in Melbourne ($1K)$600,000 Victorian home at Eastwood, in Newcastle ($700,000,000 worth of property)$500,000 Australian residential property: Cairns, in Sydney ($300,000 house)$100,000 Melbourne house at Eastlake, in North Shore ($100,0000 house)”We think the real estate market is very, quite competitive,” Mr Browne said.
Mr Brown said the market for the property had become “more competitive in recent years”.”
The trend has been for house prices to be going up a little bit faster than their values.
“Now that the market is more competitive, it’s an opportunity for investors to take a look at this property.”
The property’s owner is currently looking to redevelop it.