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Downsizing retirees spend $40m on two Elizabeth Bay apartments in a single day

House-sized units at Billyard Avenue sell for $20.5m and $19.5m to corporate retirees seeking a lifestyle change

By LineZotpaper
Published
Read Time1 min
Sources3 outlets
Two retirees from Sydney's eastern suburbs have spent a combined $40 million on two apartments in Elizabeth Bay, with both house-sized units selling on the same day as part of a downsizing move.

Two apartments at the Billyard Avenue development in Elizabeth Bay sold on September 25, with sold stickers going up on both listings the same day. The four-bedroom, four-bathroom units, described as house-sized, fetched $20.5 million and $19.5 million respectively.

The buyers were both retirees, according to agents Jason Boon and Geoff Cox of Richardson & Wrench Elizabeth Bay and Potts Point, who handled both sales. Boon said the purchasers were corporate downsizers seeking a lifestyle change. They did not disclose the buyers' identities.

The Sydney Morning Herald reported that one apartment was bought by retired Macquarie banker Peter Maher. The buyer of the other apartment is expected to be revealed at settlement.

The sales highlight ongoing demand for large, high-end apartments in Sydney's eastern suburbs, particularly among retirees trading freestanding homes for low-maintenance living in premium waterfront locations.

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Analysis

Why This Matters

  • The sales underscore sustained strength at the top end of Sydney's property market, even as broader conditions fluctuate.
  • They reflect a demographic trend of affluent retirees downsizing into premium apartments, freeing up family homes in the eastern suburbs.
  • The single-day, $40 million transaction signals continued appetite for house-sized units in sought-after harbourside locations.

Background

Elizabeth Bay is a harbourside suburb adjacent to Potts Point, known for its prestige apartments and proximity to the Sydney CBD. The Billyard Avenue development is described as award-winning, and the sold units are unusually large for apartments, comparable in size to houses. Property markets in Sydney's east have long attracted wealthy buyers, including corporate retirees looking to transition from larger homes.

Key Perspectives

Downsizing retirees: Seek a lifestyle change, trading larger properties for lock-and-leave apartments in established, amenity-rich locations. Selling agents: Emphasise the quality of the development and the profile of buyers, noting the corporate background of the purchasers. Market observers: May note that such sales signal confidence among high-net-worth buyers, though they are a narrow segment and not necessarily representative of the broader housing market.

What to Watch

  • Whether the second buyer's identity is confirmed at settlement and if further sales in the development follow.
  • Any impact on neighbouring property listings, as agents may use these results to price similar apartments.
  • Broader luxury property market indicators in Sydney's east over the coming months to see if this level of activity persists.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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