Australia’s Most Expensive Home Is Being Marketed to Chinese Buyers

The agent for an A$80 million ($61.70 million) home in Sydney told the South China Morning Post that he is pitching the property to the ultra-rich in China. The property, in Elaine Gardens, is a waterfront mansion sitting on nearly 1.75 acres. According to the South China Morning Post, it has been owned by one family since 1891 and has been on the market for a few years. The home has seven bedrooms and five full bathrooms, according to its listing on Mansion Global. “The historic Sydney harbour landmark is offered with DA approval for four world class residences… Erected in 1863 in the grand Victorian mansion style, Elaine's ballroom, numerous balconies boasting stunning Sydney Harbour views, and rolling gardens have played host to a bevy of important guests across four generations of ownership by one of Australia's greatest media families," the listing states. Australia’s Foreign Investment Review Board (FIRB) approved a partial redevelopment of the property in late 2015, which made it eligible to be purchased by foreigners. According to the FIRB, Chinese investors spent A$24 billion (about $18.5 billion) on Australian real estate between June 2014 and June 2015, edging out Americans as the country’s largest group of foreign  investors. If the house sells near its asking price, it will set a record as the most expensive residential sale ever recorded in Australia. The current record stands at A$70 million (about $54 million), held by businessman Chau Chak Wing for his purchase of a Sydney mansion in 2015. View this listing