In the heart of Sydney’s Darling Point – one of the most exclusive suburbs in Australia – a grand Italianate mansion has become the unlikely centre of a property culture war.
While it’s unclear who owns the harbourside palace, its new tenants aren’t exactly what you’d call ‘low profile’.
Last week, luxury influencer Elle Salagaras – who goes by ‘Eastern Suburbs Mum’ and ‘That’s So Elle’ online – revealed she and her investment manager husband Lucas had moved into their dream home.
It didn’t take long for social media gossips to work out they were renting, not buying, and that they were paying the princely sum of $9,000 a week.
The sprawling residence, which recently sold for about $22million before hitting the rental market, oozes Sydney prestige living thanks to its sweeping views, multiple living wings, manicured gardens, a pool terrace and marble finishes throughout.
Going by their social media extravagance, you’d think the wealthy Salagarases could purchase the property as a trophy home – so there was plenty of chatter in the comments by those who were surprised that they chose to rent.
Last week, luxury influencer Elle Salagaras revealed she and her investment manager husband Lucas had moved into their dream home. Sleuths soon worked out it was a $9k-a-week rental
In the heart of Sydney’s Darling Point – one of the most exclusive suburbs in Australia – this grand Italianate mansion has become the unlikely centre of a property culture war
Going by their social media extravagance, you’d think the wealthy Salagarases (pictured) could purchase the property as a trophy home – so there was plenty of chatter in the comments by those who were surprised that they chose to rent
After all, renting these days is often associated with younger Aussies struggling to get a foot on the ladder due to soaring property prices.
Elle and Lucas’ decision to rent in the ultra-expensive eastern suburbs sparked backlash online after she shared clips on TikTok during their moving-in day.
Some critics questioned why anyone in a position to afford to pay rent amounting to more than $450,000 a year wouldn’t simply buy a place.
‘ANOTHER rental?’ one user commented, to which Elle snapped back: ‘It’s so funny ’cause I’ve always been open about renting I don’t understand why people think it’s this huge discovery. We just wanted a backyard for the kids + dog lol.’
Someone else pointed out that renting is surprisingly prevalent among Sydney’s upper class.
‘If you understand real estate, most high-end properties in Sydney are worth renting and not buying. You will see much more growth in other locations for the same money… and since when is it appropriate to judge people on their rentals?’ they commented.
Elsewhere, one fan stepped in to defend Elle, writing: ‘The comments being rude about renting is so funny because how can you hate from outside the club you can’t even get in?’
Continuing the debate, another user questioned whether renting was really smarter than having a mortgage.
Elle and Lucas’ decision to rent in the ultra-expensive eastern suburbs sparked backlash online after she shared clips on TikTok during their moving-in day
Kyle Sandilands (pictured with wife Tegan Kynaston) once leased a palatial Bellevue Hill mansion for a reported $8,000 per week
Pictured: The $13.8million Bellevue Hill mansion previously rented by Sandilands
Another user replied: ‘In some situations, yes. It can free up capital, allowing you to invest elsewhere.’
Indeed, Elle’s new rental home reflects a broader shift at the top end of Australia’s property market.
Across prime suburbs in Sydney, a growing number of high-net-worth individuals are quietly making similar choices.
Rather than committing tens of millions to a single prestige trophy home, they are prioritising mobility – especially those who often travel.
While ownership comes with trade-offs like stamp duty, insurance and the long-term burden of tying up capital in an illiquid asset, renting offers something increasingly attractive – immediate access to some of Australia’s most spectacular homes without the financial permanence of buying.
Speaking to the Daily Mail, Chana Levy, Director of Levy Property Group in Rose Bay, said renting is becoming more popular among wealthy clients.
‘I am finding a lot of people contacting me now to let go of some capital and have the freedom to rent. They want to have the flexibility to travel when they want, go overseas and spend money rather than put it all in their assets,’ she said.
‘I have clients putting their money overseas since the [Federal] Budget came out. It’s because of the wealthy that the property market has boomed the way that it has, and if people can’t invest here, they’ll be investing in other countries.’
‘We’re going to see this more and more. And that’s OK, if you want to put money where money is growing.’
Perhaps most surprisingly is that the stigma attached to renting is fast disappearing among younger wealthy Australians.
In these circles, renting is no longer seen as ‘not quite there yet’ – but a lifestyle choice.
‘It’s starting to shift – people are realising they need to leave that ego, that idea, behind to have a successful future,’ Levy explained.
Leading the charge in this new age of the wealthy renter are celebrities like Kyle Sandilands, who once leased a palatial Bellevue Hill mansion for a reported $8,000 per week.
Overseas, the likes of Justin Bieber, Beyoncé and Ariana Grande have also chosen to rent rather than buy their properties, despite having net worths in the hundreds of millions.
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