Luxury properties in New South Wales and the Australian Capital Territory will be thrown under an international spotlight after Sotheby’s announced it will open its first real estate agency in Australia.

Agent Michael Pallier will leave Raine & Horne Double Bay after 11 years to head Sotheby’s Sydney flagship.

”We know the overseas market has some exceptional properties but now we have the opportunity to showcase our finest to the world,” Mr Pallier said.

Like Hermes and Louis Vuitton, the Sotheby’s brand is synonymous with quality, high-end products with often hefty price tags.

And it’s no different with real estate.

Take Castillo Caribe for example. Located in the Cayman Islands, it’s regarded as one of the finest beachfront estate homes in the world. Punters can pick it up through Sotheby’s International Realty for around $38.3million.

The first Sydney property to roll out under the Sotheby’s brand will be a 2000sq m estate on the waterfront at Vaucluse, with price expectations in excess of $25 million.

For Michael Pallier, whose past property dealings read like the Who’s Who of media with names such as James Packer, Lachlan Murdoch and Lady Mary Fairfax, joining Sotheby’s was a once in a lifetime opportunity.

“I have the highest respect for the Raine family and I would not have left for any other brand but this is Sotheby’s and it’s a chance to be part of a worldwide network,” said the agent who scored over $200 million in property sales in 2010-2011.

Mr Pallier has signed an exclusive 25-year master franchise agreement with Sotheby’s; and fellow Raine & Horne Double Bay agents Warren Davis and James McCowan will join him at the new agency.

Mr McCowan will take up the role of Sotheby’s NSW and ACT director of sales.

“We are seeing a huge uplift in Asia where Sotheby’s has been embraced in a big way, particularly in mainland China where there’s a huge demand for blue-chip properties,” Mr McCowan said.

“Unlike other high-end brands we’re not restricted by price so we’ll have everything from high-end luxury homes through to small investment properties as long as they’re unique.”

The Sydney office will be located at Level 3, 45-51 Cross St, Double Bay, with additional offices planned to open in Sydney’s North Shore and CBD between 2013 and 2015.

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