Melbourne house price records: 450+ suburbs have new benchmark set in 2022
Despite property market conditions slipping, more than 450 suburbs saw their price record set in 2022. SEARCH YOUR SUBURB
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More than 450 Victorian suburbs and towns had residential records shattered this year despite property market conditions slipping, according to the industry’s peak body.
New benchmarks were set from leafy, inner city suburbs, to regional townships and coastal hideaways, led, of course, by the state’s biggest home sale of all time.
The $80m splashed by crypto king Ed Craven on Toorak’s ‘ghost mansion also now holds the title of the most expensive home sale in Australia this year — despite being unlikeable.
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Real Estate Institute of Victoria president Andrew Meehan records were set in high growth development areas including Pakenham.
“We’ve seen some strong sales results southeast of the city, both in the inner suburbs and increasingly further along the bay,” Mr Meehan said.
The Pakenham house price record was smashed by more than $2m, when a seven-bedroom house at 5 Coop Rd sold for $5.825m.
Interest for the 24.69ha property was strong, with offers pushing the sale high above its initial asking price, which started at about $3m.
OBrien Pakenham director Rob Capuano said “everyone wanted to buy it” but most of the buyer activity in the area came from first-timers.
“If you look at areas like Pakenham, it’s predominantly first-home buyers because it’s entry level (prices),” Mr Capuano said.
“But there’s also a massive shortage of land, costs of building have gone up by 30 to 40 per cent, and interest rates have risen. Five years ago you could get a house and land package here for $450,000, now it’s $700,000.”
In Aberfeldie, a double-storey home known to locals as the “motorbike house” for its aqua Royal Enfield showpiece in the front window, almost doubled the suburb’s $4.73m record set in December 2021.
The 140 The Boulevard pad blitzed that price by more than $3m, selling weeks ahead of its campaign closure in May for a huge $7.9m.
McDonald Upton Essendon partner Joe Zucco said the reason for the home selling so quickly and at the top end of its $7.4m-$7.9m asking price was its huge nine-car collector’s garage.
“He loved the precinct and the quality and feel of the home,” Mr Zucco said of the purchaser.
Recently, a six-bedroom Tarneit home smashed the outer western suburb’s price record by $440,000.
The 1000sq m block at 8 Scarborough Court fetched $1.84m in a private sale that blitzed the previous record set by the $1,400,101 sale of 1 St Patricks Place in February.
And in Balnarring Beach, the benchmark now sits at $7,515,888 after a stunning four-bedroom coastal home soared more than $2m above the top end of its price range at a competitive auction.
Kay & Burton Flinders agent Ruth Williams said the property had been “tightly held” in one family for many years.
“It (attracted) a mix of buyers who were thinking of retiring to the Peninsula and those looking for a holiday home,” Ms Williams said.
The 9 Bass Court pad was listed for $5m-$5.5m but was “hard fought” at its auction when six bidders vied for the keys, leading to the lofty sale.
At the pricier end of the market, a new Brighton record was set when late 7-Eleven co-owner Beverley Barlow’s 39 Seacombe Grove property sold for an undisclosed sum understood to be above $30m.
Ms Barlow also broke the record for the bayside suburb when she first purchased the mansion for $22m in 2015, but that sale was pipped when 27-29 Kent Ave fetched $25m in 2021.
Buxton Brighton director David Hart had the listing, who said buyers were prepared to pay a premium for a “trophy home like that”.
“It shows strength at the top of the market where people don’t really worry too much about things like the economy and interest rates,’ Mr Hart said.
However, Brighton’s record could be broken again soon if a five-bedroom mansion at 16 Moule Ave sells within its $46m-$50m asking range.
The Elwood price record was also broken after the opulent, Victoria-era home of filmmaker Martin McKenna and his philanthropist wife Deborah Barlow sold in July.
The 6 Dickens St pad was first listed with a $10.5m price tag, before selling for $10m and surpassing the $9.4m record set by 31 Ormond Esplanade in 2021 by $1.1m.
RT Edgar Toorak’s Sarah Case and Chelsie Cargill had the listing but declined to comment on the sale.
On the other side of the bay, a palatial Point Cook mansion in the Sanctuary Lakes estate topped the suburb’s previous house price record by $760,000, selling for $4.16m under the hammer.
The 28 Heron Way pad flew hundreds of thousands of dollars above the previous $3.4m record set in April with the sale of 41 Sanctuary Lakes South Blvd.
“It smashed the sitting record with very competitive, healthy bidding,” Established Property Point Cook director Fadi Saad told the Herald Sun.
Four bidders competed at the October 8 auction, with offers quickly surpassing the $4m reserve.
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