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As the Reserve Bank of Australia was handing down another interest rate rise on Tuesday, across town in Centennial Park philanthropist and gallerist Dr Gene Sherman was finalising the sale of her historic mansion for $26.5 million.
The bullish sale result lends weight to the oft-cited claim that Sydney’s trophy home market is impervious to rising interest rates. Despite the cash rate now sitting at 4.35 per cent, more than 40 properties across Sydney have traded in the rarefied $20 million-plus range this year alone.
Gene Sherman has sold her Centennial Park house, Braelin, for $26.5 million.Credit: Louie Douvis
Sherman’s 1918-built Federation mansion, known as Braelin, has long been touted as arguably the best house locally, thanks in part to the grandeur of the residence that was built by architect Donald Esplin, as well as its double lot totalling 2200 square metres.
It has set a suburb high the past three times it sold, all by The Agency’s Ben Collier: first in 2015 at $12 million when purchased by Atlassian software boss Mike Cannon-Brookes, again in 2018 at $16.5 million when purchased by Sherman, and this week for an almost 30 per cent gain in value at $26.5 million.
The buyer remains undisclosed but was introduced to the property by Simon Cohen, of Cohen Handler buyer’s agency.
Until last year Centennial Park had never recorded a sale in the $20 million range. That changed in February when Aussie Home Loan heiress Deborah Symond O’Neil and her husband Ned O’Neil paid $20.5 million for a house up the road from Braelin, and was matched a few months later when fund manager Doug Tynan bought a few doors away, also on Lang Road.
The Braelin garden features a glass hammock on the back lawn by artist Pinaree Sanpitak.Credit: Domain
The latest sale price is $10 million more than Sherman paid for the house in 2018, reflecting a capital gain of $2 million each year she owned it.
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