“Hyper local” downsizers have snapped up the two remaining penthouses in developer Orchard Piper’s Toorak Village project, paying record rates of nearly $40,000 per square metre for boltholes in Melbourne’s most exclusive suburb.

The level four residences within the $120 million project on the corner of Mathoura Road and Toorak Road sold for more than $11.5 million each, exceeding $38,000 per square metre.