Melbourne’s luxury estates are selling ins spite of the quiet Spring market
There’s been some standout sales action coming from Melbourne’s prestigious suburbs of Brighton and Toorak.
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The top end of Melbourne’s residential market is seeing some sales action with a listing of a $50m mansion home in the wealthy seaside enclave of Brighton and homes trading in Toorak.
But the spring market has been relatively quiet, falling into a lull after going through a busy period when it came out of the pandemic.
The key test will be whether agents can attract local and offshore buyers back to the Victorian capital to ensure that vendors’ expectations are met.
One of the Bayside’s most prestigious estates, “Teychel” at 16 Moule Ave, Brighton, is about to hit the market with a price guide between $46m to $50m. The 4500sq m compound in Brighton’s Golden Mile has had just two owners in its century-long history, last sold in 1971, and will be offered via an international expressions of interest campaign.
Kay & Burton’s managing director Ross Savas said the local and national market would be keeping a close eye on this landmark offering, but would undoubtedly attract extensive interest from around the globe because of its significance and absolute beachfront position.
“With the Australian dollar at its current level, the international market will see a lot of value in securing a generational family compound on such a substantial landholding,” he said.
“Melbourne’s prestige property market is tightly held with few properties of this scale coming to market. An estate of this significance being offered for sale shows the strength and resilience of our market.”
Earlier this week, another property in Brighton’s Golden Mile, a luxurious European-inspired villa fronting 39 Seacombe Grove also hit the market.
About $30m is expected for the property, which was previously owned by former St Kilda Football Club president Rod Butterss in the 1990s.
With direct access to the foreshore promenade and Brighton Beach, the four-level villa has 18 main rooms with city and water views. Listing agents David Hart and Ben Vieth of Buxton said the property was one of the most prestigious in Melbourne, and it was “unheard of to have direct beach access as well as 180-degree sweeping views within the Golden Mile”.
Meanwhile, another prestige corner estate, 17 Hopetoun Rd, Toorak, was sold, with potential plans to turn the site into a seven-bedroom residence, to a developer.
The incomplete mansion was sold by Victory Offices chairman Dan Baxter, who had bought the property for about $14.75m in 2018.
Mr Baxter began building a new five-storey house after demolishing a previous home on the site.
His plans were for a seven-bedroom home include a cinema, lift, pool, gym, sauna, wine cellar and garage space for up to 14 cars and a double basement shell was poured.
After being listed with Abercromby’s, the property was privately sold in October after its price guide was lowered to $13.5m-$14.5m, from $15m-$16.5m in August.
The Victory Offices operation has struggled as landlords locked the listed company out of a series of offices earlier this year due to issues with paying rent. But Mr Baxter has denied the sale is connected to the business issues.
A caveat lodged on the site showed that Shu Li and He Qiao were buying the mansion site.
The pair control developer Landream, which has undertaken a series of major luxury projects in Melbourne and Sydney, where it co-developed the Opera Residences.
And the Melbourne site could be next to be transformed.
“Landream has acquired the site as part of its project portfolio, which includes high-end residential,” a spokeswoman confirmed.
But experts have warned that high-end activity could slow at year end in Melbourne.
“Melbourne’s market is frozen at the moment,” buyers’ advocate David Morrell said. “No one’s doing anything; they’re all ‘looky, looky’.
“It’s as quiet as a spring that I would have seen in 26 years as a buyer.”
He says that there are “aberrations” where unique properties are selling at a premium.
“But most of the buyers and would-be sellers have been putting their cues in the rack,” he said.
Additional reporting: Lisa Allen
Originally published as Melbourne’s luxury estates are selling ins spite of the quiet Spring market
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