The title of Australia’s most expensive house now belongs to Coonac, a historic mansion in Toorak, Melbourne. It reportedly sold for up to $150 million in February 2025, surpassing the previous $130 million record set by Uig Lodge in Sydney.
This Italianate-style estate, built in 1867, sits on a 1.08-hectare block and offers luxury living with sprawling gardens, a tennis court, a swimming pool, and original marble and timber features.
But this isn’t the only jaw-dropping property on the block. We’ll also look at 5 other record-breaking homes that highlight the peak of Australian luxury real estate.
And if you’re curious about the cost of living in Toorak, the current suburb median house price sits around a cool $5 million. While there are expensive suburbs in Queensland and pricey houses on the Gold Coast, they don’t hold a candle to the eye-watering prices we see in Sydney and Melbourne.
So, sit back, relax, and let’s take a tour of Australia’s most expensive homes.
5 most expensive houses in Australia
Let’s take a tour of the most expensive houses ever sold in Australia, starting with the crown jewel, Coonac.
#1 most expensive house sold in Australia – $150 million
Image credits: @melbournehousespotters/Instagram
Sold date: February 2025
Sale price: $115 million to $150 million
Seller: Paul Little and Jane Hansen
Buyer: Undisclosed
Melbourne is now home to Australia’s most expensive property after the sale of Coonac, a historic Italianate-style mansion in Toorak. Sold for up to $150 million, the deal eclipsed the previous national house record by at least $20 million.
The mansion was owned by Paul Little, a billionaire property developer and former president of Essendon Football Club, and his wife Jane Hansen, chancellor of the University of Melbourne. They purchased the property in 2002 for $14.5 million and transformed it into one of the country’s most exclusive estates.
Key features of Coonac:
- Size: 1.08 hectares (10,000 sqm)
- Architecture: Italianate double-storey mansion
- Rooms: 20 rooms, including grand reception areas and multiple bedrooms
- Luxury Amenities: Tennis court, swimming pool, cabana, and bandstand
- Gardens: Park-like grounds, sweeping lawns, stone paving, and ornate fountains
- Outbuildings: Extensive outbuildings, including a gardener’s residence
- Frontage: 200 metres
Historical Significance:
Coonac was originally built in 1867 for pioneer pastoralist Robert Ronald, making it one of the oldest surviving mansions from the Crown allotments sold in 1849. From 1948 to 1986, it operated as a Commonwealth rehabilitation centre, protecting it from subdivision during Melbourne’s mid-century development boom.
The mansion’s National Trust listing highlights its unique design, which adapts 19th-century English architecture for Australia’s hotter climate. The two-storey loggia or piazza reflects an Australian twist on classic European elegance.
Restoration Journey:
In 1986, property developer Livio Cellante and his wife Josie bought the estate for $3.8 million. They invested heavily in a multi-million-dollar refurbishment, restoring:
- Five-timber parquetry floors
- A double-spaced carved timber staircase
- A central vestibule
- First-storey arcaded loggia
- Stained-glass roof lantern
After several changes in ownership, Paul Little purchased the property in 2002 for $14.6 million, breaking Melbourne’s real estate record at the time.
This sale not only sets a new benchmark for Australia’s luxury market but also cements Toorak’s status as the home of the nation’s most elite properties.
#2 most expensive house sold in Australia – $130 million
- 29 Wentworth Street, Point Piper, NSW 2027
- Sold date: 2022
- Sale Price: $130 million
- Buyers: Atlassian’s Scott Farquhar and Kim Jackson
The most expensive house in Australia was sold for $130 million in 2022 to Atlassian billionaire, Scott Farquhar.
Australian real estate market witnessed a landmark transaction with The purchase of Uig Lodge was a a landmark transaction in the Australian real estate market, establishing a new peak in luxury property sales.
This Scottish baronial mansion, nestled in Sydney’s affluent Point Piper, captured headlines for its unparalleled price and exquisite features.
Key features of Uig Lodge:
- Location: Prestigious Wentworth Street, Point Piper
- Architecture: Scottish baronial mansion
- Luxury Amenities: Four bedrooms, offering breathtaking views of Sydney Harbour from Point Piper’s highest vantage point
How this sale impacts the real estate market in Point Piper
The transaction underscores Point Piper’s dominance in the Australian luxury real estate market, setting house price records that surpass the suburb’s already extraordinary standards.
This makes Wentworth Street one of the most expensive streets in Sydney and of course, part of billionaires row Sydney.
- Previous Record: Surpassed the $100 million sale of Fairwater, another Fairfax family property in Point Piper.
- Noteworthy Comparisons: The sale of Edgewater for $95 million further cements Point Piper’s status at the pinnacle of expensive property sales in Australia.
What do we know about the buyers of Uig Lodge?
Farquhar and Jackson, already prominent figures in the luxury real estate scene, expand their portfolio, emphasizing their impact on and contribution to the market’s dynamics.
This sale of Uig Lodge not only marks a historic moment in Australia’s real estate history but also highlights the exclusive allure of Point Piper, attracting elite buyers and setting new benchmarks in luxury living.
Explore more amazing real estate in Point Piper NSW.
#3 most expensive house sold in Australia – $100 million
- 560 New South Head Rd, Point Piper NSW 2027
- Sold date: 2018
- Sale Price: $100 million
- Buyers: Mike Cannon-Brookes and Annie Cannon-Brookes
In 2018, Fairwater, a prestigious property in Sydney, set a record with its $100 million sale to Atlassian co-founder Mike Cannon-Brookes and his wife Annie. This transaction not only captured public attention due to the staggering sale price but also for ending the Fairfax family’s century-long ownership of the estate.
Key features of Fairwater:
- Location: Largest privately held property on Sydney Harbour
- Size: 1.12-hectare estate
- Heritage: Listed on the New South Wales State Heritage Register
Historical Significance:
- Ownership History: Transitioned from Fairfax family after more than 100 years
- Construction Period: Between 1882 and 1970, under various owners
- Cultural Significance: Noted for its historical architectural design
This sale of Fairwater not only marks a high point in Sydney’s luxury real estate market but also highlights the cultural and historical value of such properties, securing a place in Australian history while showcasing the appeal of exclusive Sydney harbourside living.
Explore more real estate in Point Piper NSW.
#4 most expensive house sold in Australia – $95 million
- 92 Wolseley Road, Point Piper, NSW 2027
- Sold date: 2020
- Sale Price: $95 million
- Buyer: John Changjin Li
Despite global uncertainties in 2020, Edgewater, a prime waterfront mansion in Sydney, sold for an impressive $95 million, making it the third highest residential transaction in Australia’s history.
This sale underscores the enduring appeal and resilience of the high-end real estate market.
Key details of Edgewater:
- Waterfront: Rare 40-metre harbour frontage
- Amenities: Tennis court and deepwater jetty
- Neighborhood: Near residences of notable figures like Westfield’s Frank Lowy
Previous Ownership:
- Acquired by Joseph Brender and Sam Moss of Katies retail chain for $5 million in 1985.
- Architect Stephen Gergely was commissioned to transform it into two strata homes for their families.
Edgewater’s sale not only reflects the strength of Australia’s luxury market but also the property’s unique value, boasting unparalleled views and amenities in one of Sydney’s most exclusive suburbs.
Explore more real estate in Point Piper NSW.
#5 most expensive house sold in Australia – $80 million
- 29-31 St Georges Rd, Toorak VIC 3142, Australia
- Sold date: 2022
- Sale Price: $80,000,088
- Buyer: Ed Craven
According to The Age, the most expensive house in Toorak and the Victorian price benchmark was the property at 29-31 St Georges Road Toorak, which sold for an astounding $80,000,088. This also made St George Street the most expensive street in Melbourne and this the most expensive house in Melbourne.
The property was acquired through an off-market deal by the crypto king Ed Craven, despite its almost dilapidated state. Despite this, Craven has plans to completely overhaul the property and build a new home on the 7,200 square metre block.
Check out more real estate in Toorak VIC.
Most expensive apartments in Australia
$140 million – Tower/100 Barangaroo Ave, Barangaroo NSW 2000, Australia
- Tower 1, One Sydney Harbour, Barangaroo South
- Sold date: 2019
- Sale Price: $140 million
- Buyer: Not made public
In a surprising twist, an apartment has set the record for the most expensive home ever sold in Australia.
This isn’t just any apartment, but a lavish two-story penthouse at the pinnacle of the Tower 1 development in One Sydney Harbour, Barangaroo South.
This sum reflects the combined value of 2 separate units, the penthouse and sub-penthouse.
Design of One Sydney Harbour Penthouse
- Architect: Designed by Renzo Piano, known for creating spaces that blend art and architecture.
- Size: The main bedroom rivals the size of many family homes, offering unprecedented luxury.
- Features: Top three floors, rooftop swimming pool, spa, gymnasium, and nine bedrooms
This penthouse redefines luxury living, offering a blend of sophisticated design, expansive living spaces, and exclusive amenities. With its eye-watering price tag, it promises to be a landmark property within Sydney’s evolving skyline, embodying the height of urban opulence.
$60 million – Level 43/163 Castlereagh Street, Sydney, NSW
The ANZ building in Sydney made headlines in May 2021 when Ian Malouf, founder of waste management business Dial-a-Dump, bought The Boyd Residence penthouse for $60 million, making it one of the most expensive properties ever sold.
- Location: ANZ building, Sydney
- Sold date: 2021
- Sale Price: $60 million
- Buyer: Ian Malouf
Penthouse Highlights:
- Size: 2400 square metres
- Luxury Features: Four bedrooms, five bathrooms, private rooftop terrace with swimming pool, and 360-degree views of Sydney Harbour.
- Design: Crafted by Blainey North, combining Art Deco and contemporary finishes.
- Amenities: Internal lift, conference room, gym, and a private lift entry to a champagne storage-equipped glass wall.
FAQs on Most Expensive House in Australia
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Where is the most expensive house in the world?
Buckingham Palace in London holds the title of the most expensive house globally, valued at around $4.9 billion. Following closely is Mukesh Ambani’s Antilia in Mumbai, worth $2 billion.
What is the most expensive place to live in Australia?
Sydney is the most expensive city in Australia. In contrast, Townsville is the least expensive, with living costs about 43% lower than in Sydney.
Who owns the Coonac mansion in Toorak?
The Coonac mansion in Toorak is owned by Paul Little and his wife, Jane Hansen.
What is the most expensive suburb in Australia?
Bellevue Hill in Sydney remains Australia’s most expensive suburb, even after a 3.3% drop in its median house price compared to last year.
Which city has the highest house prices in the world?
Hong Kong tops the list for the highest property prices globally, followed by Singapore, Shanghai, and Vancouver.
Where do most millionaires live in Australia?
Most millionaires in Australia live in Sydney, which has the highest GDP per capita and attracts strong domestic and international investment.
