A Younger Demographic Buying Prestige Properly In Sydney

A lot of young big spenders have been making purchases in Sydney’s prestige property market this month.

The largest sale went to Mike Cannon-Brookes, a software entrepreneur, who bought a weekend home in Palm Beach for AU$8.7 million. Cannon-Brookes and his partner Scott Farquhar started a company shortly after leaving university ten years ago. They used a credit card to start the company, for about AU$10,000. In 2011 the company brought in AU$100 million.

Also sold recently was the home formerly belonging to property developer Denis O’Neil, who listed the house on Iluka Road for AU$7 million in October. The house was designed by Walter Barda and is just a few doors up the beach from the Snapperman Beach home bought by Cannon-Brookes.

Other buyers and sellers of note are opera singer Amelia Farrugia and her husband Paul Chesher, Lois Harris, Guy Sebastian, Daisy Turnbull Brown, Tim Sims, Malcolm Halstead, and Victor Gan.

Source: http://m.smh.com.au/domain/real-estate-news/the-good-buy-young-in-sydney-20130704-2pe9j.html