A Sydney brick home built in the 1920s has blown price records out of the water by selling for close to $50 million.
The breathtaking Lang Syne is an 1100-square-metre block on the clifftops of Tamarama in Sydney's Eastern Suburbs.
The home last traded in 1959 for £9750 - the equivalent of around $18,000 without adjusting for inflation - but now the four-bedroom and two-bathroom dwelling has reportedly sold for close to $50 million.
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It smashes the previous record of $25 million for Sydney's eastern beaches.
Eastern suburbs residents took a punt about how much the property would sell for, but none were even close.
"I reckon $1 million, nah more than that, it'll go for $1.5 million," one resident told 9News.
Another resident suggested $10 million but still didn't come close to the price tag.
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The seller is Dimity Griffiths who lived in the home for 64 years with her late husband, the radio personality Harry Griffiths.
Property expert Robert Klaric said the record-breaking sale is the reality of the surging Sydney housing market.
"For somebody who has $50 million they've got $100 million and that's the reality of our market now for Sydney if they want to live on the waterfront," Klaric said.
He told Today it is likely the new owner will knock the historic home down and rebuild.
"I can't imagine someone dropped $50 million on that property and say 'we'll move into that one'," he said.
"I think they will put something pretty special on it."
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But as to who the buyer is? That remains unclear but Klaric tipped it may be one of those "cryptocurrency young fellas".
"There are a few people under 30 years of age buying $50 million, $80 million in Toorak in Victoria," he said.
"Or it will be an Aussie coming back home from an expat."
He added the sale wasn't a surprise from the Sydney real estate market with these highly sought-after purchases being "monopoly money".
"They're the jewels in the crown," he said.
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"They don't compare with the rest of the Sydney market.
"There are two markets, the ultra-wealthy market then you've got the suburban market then you've got the suburban market which is seeing a little bit of a down turn in the last 12 months."
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