The two sales highlight the continued strength of Sydney’s prestige market, even as broader affordability challenges dominate political and policy discussions.

In suburbs such as Paddington and Rose Bay, limited supply and concentrated demand continue to support record prices. Analysts suggest that while mid-tier buyers are increasingly constrained by rising interest rates and tighter lending conditions, the top end of the market remains driven by cash-rich purchasers with little reliance on bank finance.

Palmer’s cash purchase, along with the record-breaking auction at Rose Bay, underscores the widening gap between the luxury segment and the broader market. As Sydney’s eastern suburbs face potential rezoning and increased density under state reforms, the appetite for rare prestige holdings appears undiminished.