Tech billionaire Scott Farquhar has snapped up a historic estate in the luxurious Sydney suburb of Point Piper for more than $70 million.

The sale of the three-storey harbourfront mansion, known as Elaine, on Friday night broke the national house price record.

The property has been on the market for three years, and was previously owned by the Fairfax family for 126 years.

Farquhar, 37, co-founded tech company Atlassian with Mike Cannon-Brookes in 2002.

The pair now sit top of the BRW Young Rich List with a combined net worth of $4.6 billion.

Atlassian co-founder Scott Farquhar was a billionaire according to BRW‘s Rich List by the time he was 34. Photo: www.atlassian.com

The 6986 square metre estate on Seven Shillings Beach features seven bedrooms, five bathrooms and a tennis court.

Farquhar told Fairfax Media: “We’re thrilled with the purchase and honoured to take over the Elaine estate in its entirety from the Fairfax family.”

Former owner John Breher Fairfax told Domain the sale was an “emotional day”.

“I sold a home that has been in the Fairfax family since 1891. I am delighted it is being purchased in one line by an Australian family,” he said.

Take a tour of Elaine Gardens in this pre-sale promotional video:

https://www.youtube.com/watch?v=CAaQKaT4Ajw

Meanwhile, a beachfront esplanade terrace in Melbourne’s Middle Park was the nation’s top sale of a weekend auction listing at $5-million-plus.

The Beaconsfield Parade terrace – formerly owned by Collingwood player and now coach Nathan Buckley – sold shortly after being passed in without bid.

Its subsequent sale – at an undisclosed price – matched expectations held by Cayzer agent Michael Szulc for the three-bedroom modernised terrace.

It was sold by Buckley for $3.6 million in 2007 when he and his wife Tania moved to their $3.93 million Toorak home.

It had traded at $1.38 million in 2001.

The Middle Park property offers multiple living zones waterfront living and a large open plan kitchen. Photo: Cayzer Real Estate

The home was formerly owned by Collingwood coach Nathan Buckley. Photo: Cayzer Real Estate

The combined national capital city preliminary clearance rate bounced back to sit at 76.9 per cent this weekend, increasing from last weekend, when final results saw the clearance rate fall to 69.8 per cent after 10 consecutive weeks remaining in the mid-70 per cent range.

The rebound in the preliminary clearance rate has occurred against a backdrop of higher auction volumes, with 2347 properties taken to auction across the combined capital cities, up from last week’s 1751, however lower than one year ago (2675) given fewer auction offering in most of the capital cities.

“The higher clearance rate and increase in volumes this week were attributable to stronger results across the two larger auction markets of Melbourne and Sydney, with performance across the remaining capitals remaining varied over the week,” Kevin Brogan, auction analyst at CoreLogic, said. 

Across Melbourne, 79.9 per cent of the 1087 reported auctions sold.

Round the Twist creator Paul Jennings and his actor partner Mary-Anne Fahey secured the pre-auction sale of their St Kilda pad.

The four-bedroom Acland Street semi sold for an undisclosed sum between its $1.9 million to $2.09 million price guidance through Whitefox agent Brad Ward.

It traded at $1.55 million in 2013 when bought by the couple, who are spending the majority of their time in Warrnambool.

Jennings has sold more than 8.9 million books, including The Cabbage Patch Fib, while Fahey is best known for her The Comedy Company character Kylie Mole.

Paul Jennings and Mary-Anne Fahey sold their St Kilda pad. Photo: Whitefox

Retired North Melbourne defender Michael Firrito and wife Bonnie, who are upsizing, sold in Ascot Vale.

The four bedroom Kent Street semi fetched $1,316,500 through AlexKarbon agent Charles Bongiovanni who advised the Herald Sun that the reserve was about $1.28 million. It was bought in 2011 at $760,000.

In Sydney, 804 properties were taken to auction with a preliminary clearance rate of 78.4 per cent, increasing from last weekend when the final clearance rate was 72.4 per cent, across 596 auctions.

One year ago, 818 Sydney homes were taken to auction and the clearance rate was 71.7 per cent. 

A Strathfield offering saw the inner-west suburb top the Sydney auction results for consecutive weekends. The $4.75 million Newton Road Strathfield sale was just six kilometres away from Sydney’s cheapest, when an Ashfield studio apartment sold pre-auction at $295,000. The $305-a-week Ashfield rental last sold in 1995 at $65,000.

This Strathfield home features six bedrooms and four bathrooms. Photo: Devine

Brisbane was host to 124 auctions and so far 87 results have been reported, with 56.3 per cent sold. A $990,000 sale was its top reported result when a three-bedroom Coorparoo house sold. There were many prices withheld from publication.

The $990,000 top sale was a bungalow last sold in 1949.

This Coorparoo home sold for close to $1 million. Photo: LJ Hooker

Last weekend, Brisbane auction volumes across the city were higher with 134 auctions held and a 44.3 per cent clearance rate recorded. 

This week, Adelaide saw a preliminary clearance rate of 65.4 per cent, with 52 reported results across a total of 82 scheduled auctions. 

Adelaide had the nation’s cheapest result when a three-bedroom 1970s Andrew Avenue, Salisbury East brick home sold for $253,000. It last sold at $80,000 in 1995. The price guidance had been $210,000 plus through Harcourts Brock Williams.

There were 33 auctions in Perth, with the preliminary clearance rate of 53.8 per cent across the 13 reported results. 

Canberra’s preliminary auction clearance rate of 67.9 per cent was lower than the 69.4 per cent recorded last weekend. Evatt was the busiest suburb with three results including a $490,000 three-bedroom 1995 townhouse which last sold at $392,500 in 2011.

Tasmania saw 10 auctions take place and with nine results have been reported so far, there have been six sales.