Core Insights - Yan Zhang, a 37-year-old Chinese millennial billionaire, purchased Australia's most expensive residential property for AUD 141.55 million, a luxury penthouse overlooking Sydney Harbour [1][3] - The property is part of the One Sydney Harbour project developed by Lendlease and designed by renowned architect Renzo Piano [3][6] - This transaction set a new record for residential sales in Australia, surpassing the previous record of AUD 130 million held by Atlassian co-founder Scott Farquhar [5][6] Property Details - The penthouse spans over 1,600 square meters and features nine bedrooms, an impressive entry lobby, 8-meter high ceilings, an infinity pool, a spa area, a gym, and a master suite comparable in size to a family home [8] - The property was purchased off-the-plan, with the transaction completed without any mortgage records [3][6] - The design allows for the lower level to function as an independent residence, despite being part of the overall penthouse [6] Market Context - The previous highest sale in Barangaroo was AUD 38.95 million, purchased by investor Qing Zhong, followed by a unit bought by surgeons Franklin Yee for AUD 21 million [7] - The median unit price in Barangaroo is AUD 4.675 million, which has seen a 26.4% increase over the past five years, despite a 0.5% decline in the last three months [7] - The One Sydney Harbour project has achieved total sales exceeding AUD 4 billion, with over 95% of residences sold and settled as of March 2025 [6]