Australian property: Super wealthy scoring huge bargains on luxury mansions

Right now the property game in Perth and right across Australia is a tale of shifting markets — or at least expectations.

For the lucky few looking in the luxury range — think $10 million or more — there have been some big “bargains” surfacing.

WATCH THE VIDEO ABOVE: Owners of luxury Australian properties offloading homes at a discount.

Number nine, King Albert Rd in Trigg — an architecturally-designed mansion, full of stunning custom features and jaw dropping views — had an original asking price of $16m.

Now, it is listed from $10m.

Its builder claims that it would cost $15m to replace it in today’s market — and that does not even take into account the cost of the beachside double block.

Selling agent Sean Hughes, from Haiven Property, says the interest in Perth is mainly from interstate and overseas buyers, and the price drop shows that the sellers are serious about meeting the market.

It is happening riverside in Mosman Park too. One-seven-seven Wellington St — a modern mansion with an infinity pool — recently sold for $25m, $8m less than the original cost.

While demand may be easing, prices are still going up.

Melbourne took the title for Australia’s most expensive sale last week, with Toorak’s historic Coonac mansion rumoured to have sold for a record $150m dollars.

Simon Cohen from Cohen Handler said international millionaires and billionaires are turning their focus to Sydney, with unprecedented wealth pouring into those homes.

The latest data from view.com.au tells us there is a decrease in the mid-high range ($1.5m – $3m), with sellers willing to drop their asking price.

The cost of living is biting and banks are not giving out cash like they used to. When the cash rate eases, buyers who have to rely on loans will have access to more.

At the same time, the market sub-$750,000 is still very hot and bargains are unlikely.

This is where local first home buyers are repeatedly being pushed out by interstate investors, some now forced to rent the homes they tried to buy.

Local shifts can have a big influence. Beechboro recently experienced a 7.9 per cent surge in just 12 weeks after the council changed zoning rules.

Although Perth’s median house price eclipsed Melbourne’s in late 2024, WA’s capital still has some of the most affordable properties in the country.

Most agents and finance experts are aligned in their feeling that prices are still going up in 2025, although a little slower than the whiplash speed of late.