Jaw dropping reason $16m Manly property is one of country's most visited listings

News.com.au

2 hours ago

It's a trophy home with a private sea pool carved into the rock below and a host of other dream features that would make most people stop in their tracks — but it's a home that's almost certainly doomed.
A property in the Sydney beach suburb of Manly, listed with a price guide of $16 million, has ignited a wave of interest from some of the country's wealthiest buyers but, incredibly, none are reported to want the stunning house itself.
Instead, they're preparing to do what is becoming a growing trend in coastal suburbs where land is finite and wealth is growing: they want to knock the house down and replace it with something else.
The Addison Rd house, situated on a tightly held pocket of prime peninsula land with unobstructed harbour views, was among the 10 most viewed NSW properties on realestate.com.au this past year.
The five-bedroom, three-bathroom residence spans three levels with multiple living areas, a rooftop terrace, and a large double garage.
The current design was 'inspired by the glamorous villas lining the cliffs on the Mediterranean', according to details in the listing.
Selling agent Michael Clarke of Clarke and Humel said nearly all the parties who had shown interest in the home so far – a sizeable number – valued the location and block size over the original house.
This was despite the house being picture perfect with classical-style architecture: the interior features high ceilings and arched doorways. The front of the home is a brilliant white with Graeco-Roman pillars.
Mr Clarke said this was not uncommon in the area, pointing to a string of recent sales near the $15 million mark, where the buyers valued the dirt more than the dwellings themselves.
The value of these blocks was mostly in the land itself due to the scarcity of land situated in prime coastal settings, Mr Clarke said.
He added that buyers in the ultra-prestige market often wanted to put their own stamp on their properties.
'People move to the beaches partly for the home, but primarily for the lifestyle. They want to look out their window and see the exact reason they spent all that money and effort relocating,' he said.
The same pattern was playing out with the Addison Rd property in Manly, Mr Clark said: the serious buyers showing interest wanted to replace the current house with a new mansion.
'Its absolute waterfront, freehold and it has a private sea pool, which is extremely rare in Manly,' Mr Clarke told The Daily Telegraph.
'The home has had several iterations over years. A previous owner had a passion for Italianate architecture. But it does come with full DA approval for a new home and that's where the interest is.'
The Manly property is expected to be one of the area's top sales, even as the existing home faces an uncertain future.
It's a hard truth of the current market: the prettier the position, the shorter the lifespan of the house on it.
Mr Clarke said the trend has accelerated since the pandemic, which fundamentally changed the way Sydneysiders viewed their surroundings.
'We've had an awakening since Covid … We used to get people moving from places like Mosman because they thought Manly was better value. Now, they're choosing Manly first,' he said.
'We found people started looking at their immediate environment in a much more focused way during lockdowns. They began to place greater value on being close to the beach or harbour, and that demand has not eased.'