A weak housing market might be worrying economists but in the world of extreme wealth and luxury, Sydney still ranks as one of the top locations in the world for property sales worth more than $US25 million ($AUD34.6 million).

The sale of five ultra-prime properties, all in the eastern suburbs with a combined value of $US219 million positioned Sydney as the sixth in the world for mega mansion sales.

Some of the larger deals include the $71 million paid for the Point Piper estate, Elaine, sold by the Fairfax family last year.

Luxury car importer Neville Crichton sold his Point Piper waterfront home in late 2016 for $60.66 million.

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Pictured: The view of Sydney from Crown Residences at One Barangaroo. Image supplied by Knight Frank. 

Hotel developer Dr Jerry Schwartz and his wife Debbie bought the Vaucluse waterfront estate Phoenix Acres for $65.25 million.

Most recently, the Point Piper estate Fairwater sold to tech billionaire and co-founder of software company Atlassian, Mike Cannon-Brooke for a reported $100 million.

Knight Frank head of residential Australia Sarah Harding said Sydney "remains the destination of choice for high net worth individuals due to a number of factors including the lifestyle and relative political stability".

“All ultra-prime transactions in Sydney over the past three years occurred in the Eastern Suburbs and all were for houses. However, this is based on completed properties and we expect that off-plan sales will further increase these numbers when further prestige apartment buildings in Sydney are completed," Ms Harding said.

“In the 12 months ending August 2018, the total value of ultra-prime properties (over US $25 million) sold in Sydney was US $219 million across five transactions.

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“Whilst Sydney is one of the smallest city markets in regard to transaction levels, it has some of the most spacious properties with the typical transaction encompassing plots of land, and an average saleable area of 1,976 square metres."

“Not only do the properties cover large areas, but the majority have waterfront views and a private swimming pool,” said Ms Harding. 

Knight Frank’s Partner, Crown Residences at One Barangaroo, Erin van Tuil, told WILLIAMS MEDIA Sydney is well established as being one of the world's top ultra-prime city markets.

"We have seen the reality of this in the market response to Crown Residences at One Barangaroo. Crown Residences has now offered ultra-high-net-worth individuals (UHNWIs) a viable alternative to the traditional, free-standing harbour-side home in Sydney," Ms Tuil said.

“In Crown Residences, Sydney now has apartments that actually respond to the needs of UHNWIs; space, views, location, stunning design and of course the impeccable service of Crown Resorts. I would expect to see transactions over US$25m increase over the coming years in Sydney.”

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Ken Jacobs of Christie's International Real Estate regularly sells some of the most prestigious properties in Sydney.

According to Mr Jacobs, there are a variety of market sectors reacting differently in the Sydney housing market.

“You’ve got the housing market, apartment market, prime locations, city locations, city fringe, the country and all different price points. They react differently, some are stagnant, some are moving forward, and some are softening.

“That said, there is a shortage of quality stock at the premium end of the market but we look forward to the traditional increase in new listings coming to the market at this time of year.

“At the very top end, there are only a couple of properties coming onto the market. It is crazy when you get buyers wanting to spend $20 million and you really can’t satisfy them with a variety of stock!” he told WILLIAMS MEDIA.

Related reading:

What does $1 million buy you in Sydney?

Where are Sydney's priciest suburbs?

$100 million sale of Fairwater, Australia’s most expensive home