Sydney eastern beaches brick home sells for nearly $50 million
A Sydney brick home built in the 1920s has blown price records out of the water by selling for close to $50 million.
The breathtaking Lang Syne is an 1100-square-metre block on the clifftops of Tamarama in Sydney's Eastern Suburbs.
The home last traded in 1959 for £9750 - the equivalent of around $18,000 without adjusting for inflation - but now the four-bedroom and two-bathroom dwelling has reportedly sold for close to $50 million.
READ MORE: Teenage girl dies after trapped under tram in Sydney's CBD
Domain
It smashes the previous record of $25 million for Sydney's eastern beaches.
Eastern suburbs residents took a punt about how much the property would sell for, but none were even close.
"I reckon $1 million, nah more than that, it'll go for $1.5 million," one resident told 9News.
Another resident suggested $10 million but still didn't come close to the price tag.
READ MORE: Trade minister to push China for lifting of $20 billion restrictions on Aussie goods
The property was owned and now sold by Dimity Griffith, wife of radio personality Harry Griffiths Louie Douvis/9News
The brick home was built in the 1920s. 9News
The seller is Dimity Griffiths who lived in the home for 64 years with her late husband, the radio personality Harry Griffiths.
Property expert Robert Klaric said the record-breaking sale is the reality of the surging Sydney housing market.
"For somebody who has $50 million they've got $100 million and that's the reality of our market now for Sydney if they want to live on the waterfront," Klaric said.
He told Today it is likely the new owner will knock the historic home down and rebuild.
"I can't imagine someone dropped $50 million on that property and say 'we'll move into that one'," he said.
Tamarama oceanfront home Lang Syne has sold for close to $50 million. Louie Douvis
"I think they will put something pretty special on it."
READ MORE: Urgent search continues for Queensland mum of three missing in South Australia
But as to who the buyer is? That remains unclear but Klaric tipped it may be one of those "cryptocurrency young fellas".
"There are a few people under 30 years of age buying $50 million, $80 million in Toorak in Victoria," he said.
"Or it will be an Aussie coming back home from an expat."
He added the sale wasn't a surprise from the Sydney real estate market with these highly sought-after purchases being "monopoly money".
"They're the jewels in the crown," he said.
READ MORE: Snake hatchlings are still being born - and experts are concerned
The sale smashes previous records for the area. 9News
"They don't compare with the rest of the Sydney market.
"There are two markets, the ultra-wealthy market then you've got the suburban market then you've got the suburban market which is seeing a little bit of a down turn in the last 12 months."
Sign up here to receive our daily newsletters and breaking news alerts, sent straight to your inbox.
Share a tip-off, video or photo with us
