PHOTO: Barangaroo’s sky-high deal marks Australia’s most expensive residential sale – and it’s nothing short of jaw-dropping.
In a jaw-dropping display of wealth and luxury, multimillionaire Yan Zhang has officially snapped up Australia’s most expensive home – a $141.55 million penthouse perched atop the glistening skyline of Sydney Harbour.
Located in the ultra-exclusive One Sydney Harbour development in Barangaroo South, the record-breaking residence spans the top three floors of the 72-storey Tower 1 – the crown jewel in Lendlease’s $4 billion development. The striking skyscraper is the work of world-renowned Pritzker Prize-winning architect Renzo Piano, best known for iconic landmarks like The Shard in London and Centre Pompidou in Paris.
Photo: Supplied
💎 What $141.55 Million Gets You
This isn’t your average penthouse. The sprawling three-level residence offers over 1,600 square metres of opulence, complete with:
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Nine bedrooms
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A show-stopping rooftop pool
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A spa and full gym
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A vast main suite the size of a family home
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Eight-metre-high ceilings and a dramatic entry foyer
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And a sub-penthouse designed as a fully self-contained residence for friends and family
The property shattered the elusive $100,000-per-square-metre price threshold, placing it in a league of its own globally.
Photo: Supplied
🏙️ Barangaroo’s Billion-Dollar Boom
Zhang’s mega-deal wasn’t just a headline-grabber—it’s a defining moment for Sydney’s ultra-luxury property market. The penthouse was initially secured off-the-plan back in 2019, with the amalgamation of two residences: a two-storey penthouse for Zhang himself and the sub-penthouse just below for guests.
The sale leaves Australia’s previous luxury benchmarks in the dust, including:
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Atlassian co-founder Scott Farquhar’s $130 million purchase of Elaine in Point Piper (2022)
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The estimated $80 million sale of the Crown Resort’s One Barangaroo penthouse next door—reportedly scooped up by Lawrence Myers, right-hand man to James Packer
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Mike Cannon-Brookes’ record-setting $100 million buy of Fairwater, also in Point Piper
Meanwhile, a mansion in Toorak, Melbourne, also hit the nine-figure mark this year with a rumoured sale price between $115–$135 million, but it still falls short of this Barangaroo behemoth.
📈 Market Snapshot: Barangaroo
Barangaroo’s median unit price sits at $4.675 million, according to Domain data—a minor dip of 0.5% over the last quarter but a hefty 26.4% jump over the past five years.
Before Zhang’s deal settled, the next-highest recorded purchase was from investor Qing Zhong, who paid $38.95 million for an entire floor, followed by Dr Franklin Yee and wife Gloria, who secured a unit above for $21 million.
Now, with 95% of the One Sydney Harbour development sold and most residents already moved in, Barangaroo has officially cemented itself as Australia’s new luxury epicentre.
🏡 Real Estate Rewritten
With the $141.55 million sale now etched into the property history books, this megadeal not only redefines what’s possible in Australian real estate—it sends a bold message to the global luxury market: Sydney is ready to compete with New York, London, and Monaco.
SOURCE: DOMAIN