As we thought, the rumour of a new record price for Sydney prestige property that we reported in our 17 September 2008 article “The prestige property market in Sydney. Is now a time to buy?” was accurate.

The confirmed figure is $47 million for an eastern suburbs property rumoured to be in Vaucluse. This is almost 50% higher than the previous record. When you add that figure to the other $2 million plus sales listed in our earlier article, the total turnover in the five week period just gone comes to more than $200 million - a staggering result by any measure and especially in the current financial environment.