Top End Residential Continues to Grind

AUSTRALIA’s prestige property market appears to still be in deceleration mode.

In Sydney, the Vaucluse mansion being offloaded by the Cattell family has been reduced from $21 million to $18 million. Nearby, property developer Paul Smith sold his Bellevue Hill home for a price believed to be “a heavy discount” to the $14 million he first asked last year.

SQM Research managing director Louis Christoper said the Sydney and Melbourne prestige market are recording modest price falls.

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James Packer to Amalgamate, Redevelop Vaucluse Supersite

BILLIONAIRE media and gaming magnate James Packer has received council approval to redevelop a 3369 square metre sloping site in Sydney’s ritzy eastern suburb of Vaucluse.

Mr Packer with wife Erica (picture, above) has acquired three adjoining homes between Wentworth and Victoria roads.

The largest home – a 1970s, unrenovated Guildford Bell designed mansion will be retained (view from pool, right). Mr Packer, through company Monac Developments Pty Ltd, paid $18 million for this home in mid 2009.

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Sydney Mansion Sells For $30 Million

AUSTRALIA’s prestige real estate market seems to be going from strength to strength, with an overseas-based investor paying close to $30 million for a villa style mansion in Sydney’s ritzy Vaucluse.

The six-bedroom home was marketed by Ray White Real Estate’s Prestige Sales Michael Finger, who said five parties competed for the property, which has Sydney Harbour views.

The sale price surpasses the 2010 record held when the former Toorak estate of Diana Baillieu, in Melbourne, sold to a property developer for $25 million – or about $10 million more than the price it sold for, a year earlier.

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Victoria Has Australia’s Richest and Poorest Average Workers: ATO

SUBURBS in Victoria accommodate Australia’s wealthiest and poorest average workers.

According new Australian Taxation Office research, Portsea (pictured, right), about 90 minutes south of Melbourne, is home to the country’s highest earners in 2008-2009, up from third position a year earlier (those 2007-08 figures were released last year).

The average income for Portsea residents was $198,987 per annum.

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