Sydney Mansion Sells at 7 Million Dollar Discount

Point Piper is one of the nicest part of Sydney, stunning views, beach front, near the city. Waterfront properties are tightly held and as recently as August 2007 an Australian record of $28 million was paid for a waterfront 3-bed 3-bathroom property Routala, and it only took 10 days of marketing to bring that result.

What difference a crash makes. Today news that another waterfront mansion sold at Point Piper, but this one sold at a $7 million discount.After 6 months the property has sold at a steep discount over its initial $25 million asking price.

Luxury apartent overlooking the beach seven million dollar discount

The Sydney home was owned by property developer and sharemarket investor John Dalley who had strong exposure to James Packer and Babcock and Brown related stocks, recently accepted $18 million for his  Winulla Road property.  The property was a desirable 5-bed, 5-bathroom plus jetty mansion which John Dalley bought for $18 million 8 years ago.

Reports are that Dalley will downsize to another Sydney Eastern suburbs house.

News to that high-profile sellers are struggling to resell luxury apartment in the prestigious Top of the Town building in inner city suburb Darlinghurst. Apparently media tycoon Cameron O'Reilly has withdrawn his apartment from the market: which had an asking price of $8 million.