Balmain mansion sells for $7 million less than four years ago
Rothesay, a Gothic revival estate in Balmain East, sold for $12.8 million, down from $19.76 million in 2022.
Rothesay, one of Sydney's grandest harbour-view homes, has sold for almost $7 million less than it fetched four years ago. The six-bedroom 1868 Gothic revival mansion, which overlooks Darling Harbour, sold for $12.8 million after changing hands for $19.76 million in 2022, a fall of almost 35 per cent.
Businessman Devesh Mishra bought it near the market peak but later declared bankruptcy. Receivers then sold the property following an unsuccessful campaign that started with an $18 million asking price.
The sale shows how Sydney's property downturn has spread through the luxury end of the market. Sydney's dwelling values are now 7.1 per cent below their February peak, with HSBC forecasting a 16 per cent decline from top to trough by mid-2027, the largest housing correction in modern Australian history.
- $19.76 million
- 2022 purchase price
- $12.8 million
- 2024 sale price
- $94 million
- Debt owed by Mishra's business
- six
- Bedrooms
Why it mattersMassive losses at the top end signal a broader property downturn across Sydney, affecting millions of homeowners and their wealth.
AustraliaSydney property prices are falling sharply, with 93 per cent of capital-city suburbs recording declines through winter.
✓ Claims checked against the source. checked 1 d ago
