Australia Markets close in 1 hr 40 mins

Australia's highest home price smashed: $140 million

Sydney Harbour Bridge as seen from the most expensive home in Australia. (Image: Lendlease)

The record for the most expensive residential real estate in Australia has been smashed with a $140 million sale of a two-storey Sydney penthouse.

The apartment is located at the top of the under-development One Sydney Harbour building in Barangaroo South. It sold off-the-plan to an Australian purchaser, according to Nine.

Yahoo Finance has contacted developer Lendlease for comment.

The penthouse was bundled with the sub-penthouse immediately below for the sale. The apartment has nine bedrooms, sweeping harbour views and the new owner will reportedly live in it.

The record for highest price for a home was previously held by the house Fairwater in the eastern suburbs of Sydney. Atlassian co-founder Mike Cannon-Brookes bought that property for $100 million last year.

Lendlease property executive Kylie Rampa told Nine that the sale was a historic moment for Australian real estate.

"The sale of the penthouse at One Sydney Harbour is a paradigm shift for the Australian property market with an apartment claiming the title of Australia's most valuable residential property for the first time, a title historically reserved for significant houses."

The lucky new resident of this penthouse will not miss having a backyard though, as the flat features its own rooftop swimming pool and gym.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.