Sydney’s iconic Idlemere mansion – built in 1880 – is on the market for the first time in more than two decades.

Sydney ‘s iconic Idlemere mansion – built in 1880 – is on the market for the first time in more than two decades, with an asking price of between $45million and $50million.

But with the fate of the high end market next year unknown, the city’s wealthiest property owners are on tenterhooks and the waterfront Lavender Bay property is carrying a lot on its shoulders.

As the end of the year looms after a bumpy start to the spring selling season, Idlemere carries the hopes and expectations of the entire prestige property market, which is feeling the pinch with falling prices and a lack of availability.

Though trophy homes are not selling at the price point they were at the start of the year, they’re not falling as quickly as the rest of the market.

The real squeeze is the lack of properties available in the $20million and over range, with one buyers’ agent saying ‘People are only selling if they are one of the three Ds: death, divorce or downsizing’.

‘And the domino effect of that is there is nothing for downsizers to buy, which is impeding the market even further,’ Deb West of SydneySlice told the Sydney Morning Herald .

This is why the sale of Idlemere is so important to the prestige market. If it holds its own and gets what is it expected to sell for, it will encourage others to sell too.

Ms West said some buyers have been looking to buy for more than $20million for more than two years.

Many sales at the upper end of the market are reportedly done behind closed doors as there are more buyers with the money than there are sellers with the houses.

Kerry and Greg Paramor bought the five-bedroom, five-bathroom Idlemere in late 2001 for $7.25million.

Agents have been keen to get the contract to sell the north shore mansion on 1,400 square metres since the Paramors bought a penthouse in the Darlinghurst suburb in July last year for $10.5million.

The sale was launched on Thursday by the Alison Coopes agency, with a December 6 deadline for expressions of interest.

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