PHOTO: The waterfront homes lining Pittwater in Palm Beach are in high demand, as Bitcoin trader Toby Allen well knows.

Leading investment banker Joe Fayyad has bought new digs in keeping with his appointment last year as the local head of Bank of America Merrill Lynch.

The former Goldman Sachs executive has bought the Bellevue Hill home of William O’Dwyer, founder of collapsed property empire Ralan Group, for $9.26 million.

BAML Joe Fayyad
Bank of America Merrill Lynch chief executive Joe Fayyad has upgraded his home real estate.

The purchase marks a decent step up the property ladder for Fayyad, who has been renting the Bondi Beach investment pad of stockbroker Rob Fiani, having sold his Randwick home to former Wallabies coach Michael Cheika in 2013 for $3.1 million.

The Fairweather Street property was listed with Sotheby’s Michael Pallier with an $8.5 million guide in March, two years after O’Dwyer’s Ralan collapsed with debts of more than $560 million.

Pallier was keeping schtum on the buyer’s identity, but with wall-to-wall buyer’s agents at the auction it was only a matter of time before the mystery client of Chalk Road buyer’s agent Ed Flitcroft was revealed