Melbourne’s sprawling estate Shrublands has returned to the market with a $37 to $40 million price guide after trading just two years ago for $29 million. The Canterbury property is being sold by low-key businessman Ali Ali, who purchased the 6,500 square metre Balwyn Road landholding from Anne and Michael Williams in 2021.

Whether the market is prepared to meet the bullish new guide for the grand old estate will test the strength – or otherwise – of Melbourne’s buying elite.