With its thriving community and spectacular harbour, Sydney is home to some of the world's top entertainers. High home prices have not deterred Nicole Kidman and Russell Crowe from calling Australia's largest city home.
Savills World Class Index of premier residential property locations ranks Sydney as one of the top 10 cities in the world.
Property experts say Chinese buyers have been shoring up a lacklustre market sector, with sales declining between 16.8 per cent for units and 19 per cent for homes in the 12 months to June.
'The Chinese are certainly our prime market for premium property, particularly waterfront,' says Sandie Dunne, principal of Dunne Mosman. 'Like all other buyers, because the dollar has changed, they are becoming more cautious. But it hasn't stopped them at all. They know what they want and they will pay top dollar.'
What they want is either an older home bought for redevelopment or top-quality new or near-new homes, Dunne says. Location is key.
Murray Wood, residential director at Colliers International in Sydney, expects demand to be strong for eight prestigious apartments at Montre, the only off-plan opportunity available in the heart of the famous Double Bay Village.
'Utilising classical elements and traditional craftsmanship, Montre will be a masterpiece of grand European styling that would not look out of place gracing the finest streets of Paris,' Wood says. He describes them as more like the graceful residences of old. Montre apartments are priced from A$3.25 million (HK$26 million) to A$5.85m.
For an established luxury home that would appeal to Asian buyers, Bill Malouf of LJ Hooker offers a contemporary waterfront mansion at 27 Eastbourne Road, Darling Point. Built just two years ago at the end of an exclusive cul-de-sac, this modern property offers 700 square metres of living and entertaining areas set on 979 square metres of land. Offers of about A$24 million are invited.