News Corp Australia Network

Sydney’s prestige property market is off to a strong start for 2022, with a Darling Point apartment snappily selling for more than $20m, double what it cost three years ago.

The five-bedroom garden residence with six bathrooms and a three-car garage at 1/56 Yarranabbe Rd had cost $10.25m at the end of 2018, when property records show it was bought by Marisa Campion, wife of hotelier Graham Campion.

This time round, the property was up online for two weeks with a major print campaign planned, but was removed from realestate.com.au yesterday and when contacted, Sotheby’s managing director Michael Pallier confirmed it had sold for “considerably more” than the $20m price guide.

“The prestige market is as strong as it’s ever been — it’s going to be a great year,” he said.

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1/56 Yarranabbe Rd, Darling Point is a summer paradise.

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No wonder it sold within two weeks of its listing.

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“As long as Covid continues, people are focusing on their home and there are so many expats coming back.”

Pallier couldn’t discuss either the seller or the purchaser, though land title records indicate it was previously owned by Campion’s brother, Stuart Rose, who is joint manager of the developer giant Rose Group alongside his brother Bryan.

The sale has occurred much more quickly this time.

Open-plan living areas open to outdoor entertainment space.

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Views of the Harbour and the Bridge.

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Previously, it was on the market with a $10m guide for three years before his sister and her husband recognised its quality — the three apartment complex was built by Rose Group — and paid what was then a premium price.

The apartment is built over three levels with a lift connecting each floor. It has views of the Harbour Bridge and a pool.

The apartment offers five bedrooms and six bathrooms.

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It has house-like proportions.

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It sits below the penthouse, sold by Campion and Rose’s parents, Bob and Margaret Rose in 2017 for $9.98m to Robin Chen, director of Starcom Mediavest.

Pallier says he’s been run off his feet with listings and sales this year, working over January and Australia Day.

His sales have also included a five-bedroom penthouse at 5/30 Dalley Ave, Vaucluse, which sold for about $18m.