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Property tycoon Robert Magid and wife Ruth sold their Point Piper home for around $75 million on the same day the Reserve Bank raised the cash rate to a 15-year high of 4.6 per cent.
Property tycoon and Rich Lister Robert Magid and his wife Ruth have sold their Point Piper mansion for a figure believed to be around $75 million on the same day the Reserve Bank hiked the cash rate to a 15-year high.
The sale on Tuesday comes as the Reserve Bank lifted the cash rate for the fourth time this year, from 4.35 per cent to 4.6 per cent. The Magid family home first hit the market in August with a price guide of $85 million and was later reduced to $75 million, as previously reported. Michael Pallier of Sydney Sothebys International Realty, who sold the residence alongside Pillingers Brad Pillinger, confirmed it sold for a figure around the latest guide.
Agent Highlights Market Confidence
Pallier would not divulge the exact sales price nor the identity of the buyer. However, he did say the sale puts confidence in the market. He said that when there are price adjustments and vendors willing to meet the market, properties sell. Pallier also said they received multiple offers for the home after the reduced price guide.
The five-bedroom, five-bathroom house was bought by the Magids for $7.35 million in 1998 after they reportedly managed to top the interest shown by Star Wars director George Lucas. It has since been refurbished. The property is also on the site of one of Sydneys best-known landmarks, Paradis sur Mer, where the late socialite Lady Susan Renouf lived.
The deal closed on the same day the Reserve Bank of Australia raised the official cash rate by 25 basis points to 4.6 per cent, marking a 15-year high. It was the fourth increase this year and reflects the central banks ongoing effort to cool inflation despite pressure on household budgets and borrowing costs. The sale of the landmark Point Piper estate had been closely watched since it was listed in August with an $85 million price guide.
Magids Beat Lucas For Home
After the guide was reduced to $75 million, interest picked up and multiple offers followed, according to the selling agents. Pallier described the outcome as a sign of confidence in the prestige market, noting that realistic pricing and vendors willing to meet buyers can still produce sales even in a rising rate environment. The Magids bought the home in 1998 for $7.35 million, reportedly beating out Star Wars director George Lucas for the property.
The house has since been refurbished and sits on the site of Paradis sur Mer, a property associated with the late socialite Lady Susan Renouf. The sale price of about $75 million was not officially disclosed, and the buyer remains unidentified. The transaction was completed on the same day the Reserve Bank lifted the cash rate to 4.6 per cent, up from 4.35 per cent, the highest level in 15 years.
RBA Continues Inflation Battle
The rate hike was the fourth this year as the central bank continues its battle against inflation.
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theage:This story was compiled and edited by the HeadTopics newsroom and HT AI from the reports above.
Point Piper Mansion Reserve Bank Cash Rate Sydney Luxury Property Paradis Sur Mer
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