Cranleigh Mansion Smashes Canberra Record

The Moresby Street home in Red Hill was offloaded by Rugby league Star Ricky Stuart, and smashes the record set in March last year, when a home at 20 Monaro Crescent, also in Red Hill, sold for $4.075 million.

Berkely Residential director Bill Lyristakis, who marketed the property with Venitia Cameron, said it is the second time Cranleigh has broken the Canberra price record. In October 1999 – and again in a campaign by Mr Lyristakis, the five-bedroom, six bathroom mansion sold prior to auction for a record $1.755 million.

The home also includes a championship tennis court, inground pool and lush private gardens, and sits on a large 4000 square metre block.

Mr Lyristakis said the 2008 campaign to sell Cranleigh lasted just a week, and involved negotiations with four different parties.

He said that Despite recent interest rate rises and reports of widespread mortgage stress, the top end of the Canberra property market was still showing signs of real strength, fuelled predominantly by local buyers.

"This sale reconfirms that substantial estates will command a premium regardless of the current higher interest rate environment" he said.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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