During the holiday season between Christmas and New Year’s, Australia‘s ultra-wealthy have been purchasing and selling luxury residences, such as the $130 million paid by Atlassian Co-founder Scott Farquhar for the Point Piper trophy property ‘Uig Lodge.
It’s a record for Australia’s real estate market, representing the highest price ever.
According to realestate.com.au, Mr. Farquhar and his investment banker wife, Kim Jackson, purchased a house on Wentworth St. before Christmas, even though it had yet to be posted with agents.
Uig Lodge, located on a 3,300 square meter plot, was constructed at the start of the past century to evoke a Scottish baronial castle.
A price of $130,000,000 was set for Uig Lodge. Property image courtesy of realestate.com.au
In 1996, Steven and Carol Moss, owners of Katie’s clothing business, purchased it for $9.2 million.
Before this, Mr. Farquhar’s Atlassian co-founder, Mike Cannon-Brookes, spent $100 million in 2018 for Fairwater in Point Piper, making it the most expensive Australian mansion ever sold.
The previous Palm Beach record for a single residence was set when trash tycoon-turned-yacht broker Ian Malouf paid $40 million on the beachside house Anakela.
The week before Christmas was also the time of this transaction. Mr. Malouf owns many properties in the eastern region, including three on Iluka Rd.
Meanwhile, Gina Rinehart, a mining tycoon worth an estimated $11.2 billion, is aiming to make a $6 million profit on a beachfront plot in Noosa that she purchased in February 2016 for $11.2 million.
The listing agent, Tom Offermann Real Estate, has set the home’s selling price at $17.2 million.
Located on Noosa’s “front row,” this 531sq m property has “knockout views from the headland of the Noosa National Park, spanning north-easterly over Sunshine Beach and the Coral Sea, 180 degrees south to Mooloolaba, and beyond to the hinterland,” as stated in the description.
Paul Clout has created conceptual ideas for a state-of-the-art beach home with an elevator, a wine cellar, a bar, a rumpus room, a pool room, a spa, and four bedrooms, all of which have en suite bathrooms.
