The most expensive house ever sold in Australia is Melbourne's Toorak estate, Coonac, which sold for approximately $130-$150 million in early 2025, setting a new national record. This surpassed Sydney's previous records, though the penthouse at One Sydney Harbour also recently sold for a record $141.55 million as Australia's most expensive apartment, while another Point Piper estate, Wingadal, is listed at over $200 million and expected to break records.
The most expensive house in Australia is often cited as the penthouse in One Sydney Harbour, Barangaroo, Sydney, which sold for around $142 million in mid-2025, purchased by Chinese-born director Yan Zhang for the top three floors of the development. Before that, tech billionaire Scott Farquhar held records with sales of Point Piper mansions Elaine and Uig Lodge for $130 million each in 2022-2024, and Wingadal in Point Piper was listed for over $200 million, potentially making it the priciest if sold.
Melbourne has taken Sydney's crown as home to the most expensive house ever sold in Australia, with landmark Toorak estate Coonac selling for about $150 million in a low-key deal that has eclipsed the previous national house record by some $20 million.
To buy a $650,000 house in Australia, you generally need a gross annual household income between $100,000 to $140,000, with figures varying significantly by location and lender criteria, requiring a strong deposit (around $130,000 for 20%) and managing loan repayments to not exceed 30% of your income to avoid mortgage stress, often necessitating a joint income or substantial savings, as highlighted by financial experts and data from sources like Fundd, Finder, and Real Estate.
A $1 million retirement fund in Australia can last anywhere from under 20 years to over 30 years, heavily depending on your annual spending, investment returns, and whether you receive the Age Pension, with $40,000-$50,000/year lasting longer (30+ years) and higher spending (e.g., $60,000+/year) depleting it much faster (20-25 years), while combining with the Age Pension significantly extends its longevity.
Using this free income calculator, the approximate income you need to buy a $500,000 home, assuming you need a $400,000 loan, is $77,000 gross per year, excluding superannuation.
The most expensive house in Toorak, and Australia, is the historic Coonac estate, which sold for a record-breaking $130m+ (potentially up to $150m) in early 2025; while it was widely reported to be bought by pharmaceutical billionaire Dennis Bastas, he denied the purchase, and the exact buyer remains undisclosed but is believed to be another high-profile figure in the pharma industry.
TOP 10 Most Expensive Houses in India 2025
Yes, there are houses valued at or near the billion-dollar mark, with India's Antilia (owned by Mukesh Ambani) being a famous $2 billion residence, while developers are planning others in places like Palm Beach, Florida, aiming for similar valuations, although few have actually sold for $1 billion yet.
A house is a physical building that provides shelter for people, typically with walls, a roof, rooms (like bedrooms, kitchens, living areas), and doors, offering protection and a place for daily activities, while the term "home" refers to the emotional feeling of belonging, comfort, and family associated with that space, making a house a home when filled with love and personal connection, not just structure. Houses vary greatly from simple huts to complex modern structures, but the core function is a dwelling for habitation, differing from a home which is an emotional concept.
The Bel-Air Estate – Elon Musk's Main Residence for Years
Back in 2012, Musk bought his first major property — a stunning Bel-Air mansion overlooking the exclusive Bel-Air Country Club in Los Angeles. He had actually been renting it before deciding to purchase it for around $17 million.
The richest suburb in Australia, based on average taxable income, is often Double Bay, NSW (postcode 2028), known as "Double Pay," followed closely by Sydney's Eastern Suburbs and Perth's affluent western areas like Cottesloe and Peppermint Grove (6011). Other top contenders for wealth and high property values include Point Piper, Bellevue Hill, Vaucluse, Toorak (VIC), and Palm Beach (NSW), featuring high-end homes and luxury lifestyles.
Antilia is the residence of the Indian billionaire businessman Mukesh Ambani and his family. It is located on Billionaires' Row in Mumbai. Built from 2006 to 2010 at a cost of nearly US$2 billion, it was valued at US$4.6 billion in 2023.
However, it is Northern Territory mates and pastoralists, Viv Oldfield and Donny Costello, who hold the title as Australia's largest private landholders. Their portfolio spans more than nine million hectares – larger than Tasmania and more than twice the size of Switzerland – via their Crown Point Pastoral Company.
Witanhurst House (London, UK)
It is located in London. This beautiful house spans around 90,000 square feet, which makes it one of the biggest houses in the world. It was built between 1913 and 1920. The owner of this lavish house is Sir Arthur Crosfield, a successful businessman.
The buyer of the Bel-Air mega mansion dubbed 'The One' has been revealed to be none other than Fashion Nova CEO Richard Saghian days after the estate sold well below its asking price at auction.
But right in the heart of Mumbai, India, stands a residence that surpasses almost every luxury home in the world—Antilia, the home of Mukesh Ambani, Chairman and Managing Director of Reliance Industries. Valued at over $2 billion, Antilia isn't just a house.
Edward Craven (born 1995) is an Australian billionaire entrepreneur. Known as the co-founder of the online casino Stake and the live-streaming platform Kick, where Craven also streams.
The ownership of Australia's most expensive house is often debated due to off-market sales and varying definitions, but currently, a Sydney penthouse at One Sydney Harbour (owned by Yan Zhang for $142m in 2025) and Paul Little's Coonac Estate in Melbourne (sold for around $150m in early 2025) are contenders, while tech billionaire Scott Farquhar owns multiple record-holding Point Piper properties like Uig Lodge.
$80m: Chemist Warehouse's Jack Gance buys Toorak mega-site. The 6340sq m Lansell Rd, Toorak property bought by Jack Gance and wife Evelyn. Melbourne has notched one of its most expensive residential property sales of all time with a more than $80m sale in Toorak to Jack Gance, one of the founders of Chemist Warehouse.
On a $100k salary in Australia, you might borrow between $330,000 and $600,000, but it highly depends on lender policies, interest rates, existing debts (car, credit cards), living expenses, and deposit size, with many lenders using serviceability buffers, suggesting figures closer to the lower end, while others might offer more if you have minimal expenses and debt. Use an online borrowing calculator from banks like NAB, CommBank, or ING for a personalized estimate.
Key economic indicators
42 per cent of households are high-income, with a median weekly income of $2,538. 192 businesses in Toorak Village generated $295M spend, with the largest sector being retail (44 per cent). Residents of Toorak spent $75.9M locally in Toorak Village in 2021, with visitors spending $128.6M.
To buy a house in Australia, you generally need a significant income, often requiring $100,000+ for a single income in major cities like Melbourne or Adelaide, and much higher in Sydney (often over $125,000+), with national average household needs closer to $200,000+ to avoid mortgage stress, depending heavily on location, deposit size (20% recommended), property type, and interest rates.