In a bold move to capitalize on Sydney’s booming real estate market, the owners of a 31-unit apartment block with breathtaking waterfront views have joined forces to sell their property, aiming for a windfall exceeding $100 million. This collective decision marks a significant moment for the residents of 72-76 St Georges Crescent, Drummoyne, who have cherished their harborside homes for decades.
Dominic David, a 79-year-old resident, has enjoyed the stunning views from his ground-floor apartment since 1986. “I can see all the buildings at North Sydney and St Leonards. I can see the Bridge if I move across to the living room,” he shared, reflecting on the picturesque scenery he has called home for nearly four decades.
David’s journey to this prime location began with a stroke of luck. After missing out on a neighboring unit, he secured his dream home just two weeks later. “I’ve got the pick of them, as far as I’m concerned,” he said, recalling the $146,000 purchase price in the mid-1980s.
The Collective Decision to Sell
The decision to sell the block as a single entity emerged earlier this year when the building’s strata management informed residents of multiple lucrative offers. The prospect of doubling their property’s value was too enticing to ignore. “The figures they’re talking about more than double my value – and others too, obviously,” David noted.
For David, the memories made at this address are invaluable. From lively Australia Day barbecues to milestone celebrations, the expansive lawn has been a hub of community and camaraderie. “It’s a monstrous lawn area. It just lends itself to that sort of entertainment,” he said.
A Unique Development Opportunity
Real estate agent Guy Yarden of Stanton Hillier Parker Sydney described the sale as a “truly irreplaceable opportunity.” Recent New South Wales government reforms have increased dwelling and height limits for the site, subject to council approvals. “With these new changes, you’re looking at about 90 large luxury units with most of them facing the water with harbour views,” Yarden explained.
The property’s existing features, including a rare boat ramp and development approval for a private jetty, add to its allure. Within a week of hitting the market, nearly 100 inquiries from high-end developers flooded in, eager to capitalize on the site’s prime location.
“The new housing reform is giving the opportunity for these owners to come together to take advantage,” Yarden said. “For waterfront property like this, the end result is going to be a very high demand.”
Implications for Sydney’s Housing Market
The move to sell the block collectively aligns with broader trends in Sydney’s real estate landscape, where demand for luxury waterfront properties continues to soar. According to PropTrack data, Drummoyne’s median house price reached $2.85 million, with units averaging $1.3 million as of July 2025.
Yarden emphasized the site’s unparalleled scale and potential. “Most other developments in the area, you’re probably looking at between 800 to 2000 square meters; this is almost pushing 7000 square meters,” he said, highlighting the site’s lucrative prospects.
For residents like David, the decision to sell is bittersweet. “It’s been very good – I’ve been here for half my life,” he reflected. Despite the emotional ties, the prospect of finding a new home, potentially a retirement unit, is met with optimism. “At my time of life, I probably need to look to other alternatives for the future anyway,” he admitted.
As expressions of interest for the site close on September 11, the collective sale represents not only a financial opportunity for the owners but also a chance to reshape the local housing landscape. The transformation of this harborside block could set a precedent for future developments in Sydney’s coveted waterfront areas.
