Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Vaucluse

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A Vaucluse mansion has been sold at close to $47 million.
The <a href="https://www.realestate.com.au/property-house-nsw-vaucluse-120427321" target="_blank">Peter Stutchbury-designed Carrara Road</a> has been reportedly bought by Strathfield-based Sanity boss Ray Itaoui and his wife Rachel.
They bought from global financier Andrew Ipkendanz some three years after it was listed with hopes of breaking Australia’s housing price record.
The unconfirmed sale through Alison Coopes is the country’s biggest single dwelling sale so far this year.
<img src="/images/2016/10/26/Carrara2.jpg" alt="" width="470" height="245">
The Peter Stutchbury-designed residence was originally listed with hopes of $60 million but discounted to $53 million last year by Alison Coopes, of Agency by Alison Coopes, Fairfax Media reported.
Set over four levels with a lift, the 2000 sqm property comes with nine bedrooms, ten bathrooms, vast formal and informal living areas, games room and a 20-metre pool.
It's construction was reported to have exceeded $25 million.
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jchancellor-FAypfDUnLy

Vaucluse mansion sells for nearly $47 million, 2016's most expensive

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Sydney's top sale which was $4.12 million in Vaucluse, the onetime home of then barrister, Neville Wran, who became the state's 35th premier in 1976.
The <a href="https://www.realestate.com.au/property-house-nsw-vaucluse-123565550" target="_blank">10 Princes Avenue home</a> was where Wran lived in the 1960s with his first wife Marcia and their two children, Glenn and Kim.
Daniel Baran, of The Agency, said the $4.12 million sale was above reserve by more than $600,000.
The 1920s home on its 650 sq m block was purchased by Wran for £13,000 in 1961 and sold five years later for $40,000.
The property last traded in 1993 for $890,000.
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firstname1-iYD4UYzvBa

Neville Wran's former Vaucluse home sold

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The Nanshan Group's co-founder son Song Jianmin has paid $7.5 million for the Keepers Cottage at 15 Old South Head Road, Vaucluse during the Golden Week festival. 
The leasehold sandstone historic cottage is set on 2600sq m of land was built in 1881 by James Barnett as the Keeper's residence of the adjacent 1818 Macquarie Lighthouse.
It sold pre-auction.
It has been updated by architect Clive Lucas. 
Leasehold owners, Carmen and Steve Davidson sold the property. The couple bought the property in 2002 for $2.52 million.
The first owner was neurosurgeon John Matheson and his wife Eve.
It is occupied on a federal government 125-year lease. 
Song Jianmin's father is one of China's richest men, Song Suowen worth $US2.5 billion. 
The Songs' company, Nanshan own the five-star Pullman Sydney Airport hotel for $84 million. 
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Vaucluse lighthouse cottage leasehold sold to Chinese buyers

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A Vaucluse home previously owned in the 1960s by the barrister turned-Premier of New South Wales Neville Wran has been listed for sale.
The <a href="https://www.domain.com.au/10-princes-ave-vaucluse-nsw-2030-2013051856" target="_blank">original 1920s-era home</a> of the late medico Dr Susan Pang goes to October 8 auction with $3.5 million hopes.
Set on the Ampitheatre Estate subdivision of 1920, the 650-square-metre property was purchased by the late Neville Wran who paid £13,000 for it in 1961.
He sold it five years later for $40,000.
The property last traded in 1993 for $890,000 
Daniel Baran, of The Agency, has the listing.
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Former Vaucluse home of Neville Wran listed

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The historic 1880s cottage built at Vaucluse as a dwellings for the lighthouse keeper has returned to the market with $7 million hopes.
The Keepers Cottage, Old South Head Road, Vaucluse has been offered by Carmen and Steve Davidson, who run the mechanic workshop at Bondi Junction.
They bought the leasehold in 2002 for $2.52 million, then commissioning a renovation in 2010 by heritage architect Clive Lucas.
The Davidsons are only the second owners of the leasehold since the federal government first put it on the market with a 125-year lease.
The first were neuro-surgeon John Matheson and his wife Eve who paid $820,000 in 1992 three years after the last keeper departed.
The property was briefly listed in 2008 at $7 million-plus.
It is scheduled for October 22 auction.
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j.ballantyne1990-6AQqhLzZaK

Vaucluse Lighthouse Keepers Cottage listed for sale

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One of China’s wealthiest businessmen, leading food producer Sun Shaofeng has emerged the $20 million buyer of the Vaucluse estate Werribee.
It was sold by the estate of the late Cementaid founder Peter Aldred through Raine &amp; Horne Double Bay’s Max Spartalis.
Mr Sun is the chairman, chief executive and majority shareholder of the Hong Kong-listed agricultural company China Green, which is best known as one of China’s leading agricultural producers on the mainland.
The Fujian-based company sold off its beverage subsidiary last year to Coca-Cola for $US400 million.
The 3330 square metre property last sold in 1961 when it set a Sydney housing record at 41,000 pounds. 
It was the long-time home of the Combs family until it was sold by grazier Charles Combs in 1961 to the Aldred family.
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Werribee, Vaucluse sold to Mr Sun

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The 26 Vaucluse Road, Vaucluse offering has been snappily sold given a lack of high-end real estate for sale in eastern Sydney.
Goldman Sachs executive director David Nolan and his wife Anita secured a bullish $12.5 million.
The weekend saw<a href="https://www.domain.com.au/news/latest-buyer-of-paddingtons-1185m-landmark-windsor-castle-lists-in-vaucluse-20160421-gobrj5/" target="_blank"> their Vaucluse residence</a> sell only a week after the historic Tudor style home was listed with $11 million to $12 million through McGrath agent Will Manning and Ben Collier.
The Nolans bought it for $4.6 million in 2002.
They are off to the $11.85 million landmark former Windsor Castle hotel.
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$12.5 million Vaucluse sale in a week

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The Ukraine born entreprenuer Leon Kamenev has been pinpointed as the $80 million Vaucluse harbourfront mystery buyer.
He is expected to build his own private compound after securing four adjoining properties on Coolong Road.
<img src="https://www.urban.com.au/images/2016/04/26/Screen%20Shot%202016-04-26%20at%2010.19.02%20AM.png" alt="" width="1041" height="641">
He made his fortune co-founding the online takeaway delivery service Menulog which was sold last year for $855 million. His share was 55 percent.
He has been in Sydney since 1990 having graduated with an economics degree from the Moscow Academy of Management.
His current focus is the interactive maths teaching platform and app Matific.
The whispers of his site amalgamated emerged on the weekend, dubbed Sydney's most audaciously expensive residential property play since settlement.
The sellers were the Shein, Cohen and Singer families.
It involved two harbourfront homes and two non-harbourfront homes, totalling 4,250 sqm.
Occupying land between Nielsen Park beach and Vaucluse Bay beach, the location enjoys a northerly aspect with views over the boat-filled bay across the Harbour towards Manly. 
Kamenev currently owns in Vaucluse paying $4.4 million in 2003.
The deal tops the $70 million purchase by the billionaire Chinese property developer Dr Chau Chak Wing of the 3,300 sqm Vaucluse property of the casino tycoon James Packer and his former wife Erica.
Coolong Road's record was set at $45 million in 2008 with Ivan Ritossa, the then global head of foreign exchange at Barclays Capital, buying a heritage house on 4100 sqm.
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Menulog's Leon Kamenev secures $80 million Vaucluse harbourfront compound

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The property developer Lim Sen Yap and his wife Elizabeth Garbacz have sold Djirang, their restored 1940s Vaucluse trophy home to hotelier Anthony Medich for $12.8 million.
It was listed with $12 million plus expectations through Hamish Robertson at McGrath, who had the three storey Fisher Avenue home in conjunction with Christie's International agent Ken Jacobs.
The former chairman of retail property group Ipoh bought the historic F. Glynn Gilling-designed residence in 1996 for $3.4 million from restaurateur Harry Vardis. 
Ipoh Australia was the developer behind the QVB Building and Capitol Theatre restorations.
This article was first published in the Saturday Daily Telegraph. 
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Anthony Medich buys Djirang, the Vaucluse trophy home

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Just five days before Christmas, a $36 million trophy home at Vaucluse was bought by billionaire supermarket chain owners from China, Huang Qiaorong, who with her husband, Zhang Xuansong, is co-owner and director of China’s Yonghui supermarket chain.
Agents had listed <a href="https://www.domain.com.au/9-coolong-road-vaucluse-nsw-2030-2010930119" target="_blank">the 1480 square metre harbourfront property</a> two years ago with $35 million plus hopes. It settled January 11 this year through McGrath and Sothebys.
It was sold by Alistair Walton, a former chairman of the local Goldman Sachs outfit, who was appointed consul-general and senior trade commissioner to Houston last October by the Turnbull Government.
Alistair and his former wife, Gilly had commissioned the Coolong Road residence by<a href="https://luigirosselli.com/residential/coolong-road" target="_blank"> architect Luigi Rosselli </a>following their 2002 purchase at a then record $14.72 million from retired bookmaker Bob Blann.
The three-storey residence on a north-facing block comes with guest quarters, garaging for nine cars, a tennis court and pool, all within gardens designed by William Dangar.
There is also a private jetty and slipway.
Rosselli recalled "a high level of diplomatic and political skills were required" after the development application was subject to "venomous objections from the neighbours on either side of our project."
"It was like being in the middle of the Maginot lines," he advised.
"Despite this neighbourly war, we obtained a building permit in less than four months." It was built by Alvaro Bros.
It became known as the brief 2011 rental of Hollywood star Leonardo DiCaprio.
Fairfax Media noted the new owner of the property, Ms Huang, is a permanent resident, based in Canberra, and did not require any approval to buy property in Australia. 
Her husband debuted on the Forbes list of China’s billionaires last year with a net worth of $1.35 billion.
Within days of the December 20 exchange another Vaucluse trophy residence, Villa Igiea, <a href="/news/inside-the-52-million-villa-igiea-vaucluse-the-2015-runner-up-trophy-home-sale">was sold for $52 million</a> on New Year’s Eve by expat entrepreneur Wayne Burt to 27-year-old property developer Shangjin Lin.
Also in Vaucluse, the all-time highest Australian trophy home sale price of <a href="/news/james-packer-and-erica-baxter-sell-vaucluse-trophy-la-mer">$70 million was set in August</a> when casino tycoon James Packer and his former wife, Erica, sold to the Hunters Hill based property developer billionaire Chau Chak Wing.
The median price for a home in <a href="/news">Vaucluse is $3,700,000</a>, according to CoreLogic RP Data.
</body></html>

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