News boss buys back in Bellevue Hill as prestige market cools

The executive chairman of News Corp Australasia, Michael Miller has bought back in Bellevue Hill, highlighting the trend of locals taking the opportunity to upgrade in the escalating market downturn.

The acquisition of a recently completed post-Modern Luigi Rosselli-designed home was secured by the Miller family before its scheduled mid-December auction.

The five bedroom Halas swimwear family home sale was among the significant Bellevue Hill sales in the latter part of 2018 which saw prices moderate, yet secure a $58 million record paid for Rona (top), which snared the top mantle from nearby Leura which had sold for $30.8 million in 2015.

Rona had been on the market for two years before being sold in August by the property developer Terry Agnew.

The Rona buyers were locals, Jacqui and Richard Scheinberg, who following the purchase of the Victorian Rustic Gothic Revival mansion, then quickly sold their Victoria Road home after asking $16 million.

The suburb's second highest sale during 2018 was the Victoria Road home of Tom Haikin, the former franchisee of Max Brenner Australia, and wife Lily, who secured $30 million.

The third was the Hordern House, which finally found a $21.25 million buyer. It was bought by Rothschild Australia chief executive Marshall Baillieu, of the Melbourne establishment Baillieu family, and wife Michelle.

Victoria Road's Bonnington, which sold for $20.32 million, was the suburb's fourth highest price. It had traded for $20.5 million in mid-2017.

The new owner of the 1930s F. Glynn Gilling home was another Bellevue Hill local Ari Droga, partner at investment fund Global Infrastructure Partners, and his interior designer wife Lisa who are currently seeking for a buyer for the long-held Cranbrook Road home, Allala.

The Miller's had sold in early spring on nearby O'Sullivan Road.

The Hemmes clan were among the many interested parties who had sought their quaint Georgian-style cottage at its hotly contested, onsite September auction which fetched a bullish $6,575,000.

The $18.6 million sale by Anthony Halas, the former chief executive of the swimmer brand Seafolly fame and his wife, Andie was initially reported by the Wentworth Courier last month.

It reported there had been $20 million hopes for the award winning Luigi Rosselli-designed home that sits in William Dangar gardens.

It had only recently won the Master Builders Association award for the best renovation costing over $4 million.

The home with court and pool on around 1,600 sqm was offered by the Double Bay Ray White agent turned managing director Elliott Placks, who was marketing with colleague, Ashley Bierman with $20 million hopes.

The Halas family sold their stake in Seafolly in 2014 to LVMH, having became the world’s largest independent specialty swimwear brand.

The Miller's upgrade came as Bellevue Hill was declared the Sydney suburb with the highest median house values for 2018, according to CoreLogic. 

Bellevue Hill notched up a $4,670,000 median value, according to CoreLogic's end of year report, with Vaucluse in second place with a median house value of $4,050,000

Bellevue Hill also had the highest median weekly advertised rents for houses at $2,500 per week.

The 2018 median price (above) in Bellevue Hill was down $646,000 - or 12 percent - from 2017 (below) when it sat at $5,300,000.