Sydney Real Estate Agent sets new Australian sales record for a single property.

Leading residential real estate group, McGrath Estate Agents, has achieved its best sales month in 18 years of operation following the sale of ‘Tahiti’, a five bedroom luxury waterfront property in Vaucluse, in Sydney’s exclusive eastern suburbs, for more than $29 million - a new Australian record.

The previous record was only set in August, with the sale of ‘Routala’, a five bedroom waterfront house at 64 Wunulla Road, Point Piper, also in Sydney’s east, for a reported $28.75 million.McGrath Chief Executive, John McGrath, said the sale of ‘Tahiti’ pushed the company’s total monthly sales volume for September to $317.9 million. “This is the highest monthly sales volume our company has ever achieved,� Mr McGrath said. “I am immensely proud of this result and I look forward to the continual expansion of our business across all regions of Australia, as we continue striving for world class sales results and six-star customer service.�

With expansive views of Sydney Harbour, ‘Tahiti’ attracted great interest from local and overseas buyers, according to selling agent, Hamish Robertson, who marketed the property jointly with Mr McGrath. More than 25 groups inspected the property, set on 2046 sqm at 22D Vaucluse Road, Vaucluse, and four expressions of interest were submitted.

“The prestige market in Sydney is the strongest I have ever seen it,� Mr McGrath said. “There has been a great deal of wealth created through stockmarket gains and business growth, particularly in the resources sector, over the past two years and this money is filtering into the premium property market.

“As the general market in Sydney’s inner and middle rings continues to improve, the upper end is distinctly in its own league. Sales above $10 or $15 million are becoming more common in high socio-economic areas like the east and north shore suburbs of Sydney, and some parts of the northern beaches.� ‘Tahiti’ belonged to retail entrepreneur, Brett Blundy, founder of BB Retail Capital, whose business ventures include BNT (formerly Bras n Things), Sanity, Diva, Dusk, BridgeClimb, the Cranbourne Homemaker Centre and Macro Wholefoods. Mr Blundy bought the property for $13.75 million in 1999.

In September 2006, Mr Robertson and Mr McGrath joined forces to set a new Australian apartment record with the $16 million-plus sale of a four bedroom waterfront property at 528/19 Hickson Road, Walsh Bay, in Sydney’s inner city, which belonged to Aussie Home Loans founder, John Symond. This record has since been surpassed.