A Vaucluse mansion with a pool and private jetty has had its price guide adjusted by about $10 million in a fresh campaign to meet the market.
The five-bedroom, six-bathroom house, owned by Barry Smorgon and his wife Sandra, was listed in April last year with a guide north of $60 million. It’s now back on the market with a $50 million guide.
Barry is a descendant of Melbourne’s Smorgon family, whose business empire has included meat, paper, plastics and electronics. Barry sold his company Jalco, a consumer goods manufacturer, for about $80 million to billionaire Pratt family member Raphael Geminder’s Pact Group in 2015.
Barry and Sandra’s family office Sandbar Investments retained the food and wellness division, which it renamed Tismor Health and Wellness.
The Smorgons bought the Vaucluse block for $3.78 million in 1998, records show, and enlisted architects for a rebuild. There are now harbour-facing terraces, expansive glass, a sleek white kitchen and a neutral palette.
The buyer will be neighbours with fashion mogul Nicky Zimmermann and her husband Chris Olliver, who bought a six-bedroom residence for $59.5 million in 2022 from agribusinessman Garrick Hawkins and his wife Evelyn.
Elliott Placks of Ray White Double Bay, who holds the listing, said, “There has been a reduction of $10 million, and now it is very well priced to sell in the current market.”
It comes as multiple listings in Sydney’s prestige market have seen a reduction in asking price. The Palm Beach mansion owned by surfboard king Hayden Cox and his wife Danielle had a price guide of $16 million when it launched to market late last year and was recently listed at $14.9 million.
El Jannah co-founders, Andre and Carole Estephan, have reduced the $11 million guide set in February to $9.35 million to $9.85 million for their Dural home, and former Test cricket captain Michael Clarke has slashed the asking price of his Vaucluse property to $18 million-plus after listing it in November for about $20 million.
Deborah West, founder of SydneySlice buyer’s agents, who has no affiliation with any of the listings, said quality properties were still transacting strongly, but buyers were more focused on price.
“There has been a shift in buyer behaviour with buyers being more selective and price sensitive, as opposed to the demand not being there,” she said.
“High quality, well-located prestige properties are still transacting strongly, but it’s become more and more that the pricing is more aligned with where the market sits.”
Robert Klaric of The Property Expert, and a consumer advocate, described the market as cautious amid interest rate rises and conflict in the Middle East.
“I’m seeing a correction in the market with a 10 per cent discount across the board,” he said.
“There are still buyers wanting to transact, but they’re wanting to see vendors meet the market. We’ve got a 10 per cent off sale across the board for properties transacting.”
Howzat! Cricketer sells mansion
Australian Test cricket captain Pat Cummins and his wife Becky have sold their Bronte home in an off-market deal for $15 million, with settlement documents this month revealing Tracy Pillemer, wife of PPS Mutual chief executive Michael Pillemer, as the buyer.
The couple bought the five-bedroom, two-bathroom residence with pool for $9.3 million in 2021 from Anthony and Nikki Moustacas, the owners of cafe Indigo Double Bay, records show.
Interiors include a marble kitchen, patterned wallpaper and statement lighting.
Pillinger’s Brad Pillinger is understood to have handled the deal, and Simon Cohen and Isabella Lucas of Cohen Handler were tipped to have represented the buyer. All declined to comment when contacted by this masthead.
The couple have upgraded to a $16 million home elsewhere in the suburb.
Pharmacy exec makes a splash
Pharmacy chain Chemist Warehouse became a multibillion-dollar success story after listing on the Australian stock exchange last year, with its founders climbing up the rich-list and turning several staff members into multimillionaires.
Nancy Jian, a managing partner and chief executive of the China division, has upgraded to a $37 million, four-bedroom, five-bathroom waterfront mansion in Point Piper.
A sold sticker went up on the listing indicating a sale by private treaty on November 28 with the sale price undisclosed. It was left to settlement documents to reveal the price and buyer as listing agents Brad Pillinger of Pillinger and Highland Double Bay’s Bill Malouf were tight-lipped when contacted by this masthead.
Jian also owns a five-bedroom home in Rose Bay, purchased for $15 million in 2024.
Her new purchase was previously owned by retired surgeon and former rugby league player Bill Roney and his wife Sara. The couple bought the home for $10.15 million in 2011.
A rebuild of the house followed in 2012 to create what is now an ultra-contemporary, two-storey house.
There is an all-white palette, glass stacker doors and unobstructed Harbour Bridge views from various rooms including the galley-style kitchen.
Kristy Johnson is a prestige property reporter for The Sydney Morning Herald.
