While Sydney is in the grips of a housing shortage, for the rich and ultrarich, demand for the best of the best remains high. At the nearby Crown residences, billionaire James Packer has paid $72 million for a two-level penthouse, while the top-level penthouse remains unsold with a price tag of about $100 million.

According to the latest Knight Frank global Wealth Report, released in March, Sydney recorded 99 sales worth more than $US10 million ($15.3 million) in 2022, ahead of Geneva at 69 and Paris with 23.

In the ultra-prime sales, where properties are valued at more than US$25 million, Sydney recorded seven, sitting just above Paris, with six. One of these sales included Multiplex heir Andrew Roberts $24 million purchase of a Notts Avenue penthouse next to Bondi Icebergs in 2022.

Knight Frank head of residential Erin van Tuil said the top end of the market was more resilient and much less likely to be impacted by interest rates rises.

“This is why we have seen strong transaction activity in Sydney’s super- and ultra-prime markets last year as the wider residential market experienced a lull in activity,” van Tuil said.

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