Melbourne’s crazy rich mansions: Ritzy real estate from Toorak to the Mornington Peninsula that’s could crack house price record
Melbourne’s house price record — set by young billionaire Ed Craven’s Toorak ‘ghost mansion’ — is facing competition from some of the flashiest homes for sale right now. See the contenders.
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Melbourne’s $80m+ house price record could be toppled any day with some of the richest real estate to ever hit the city’s property market up for grabs.
The city has been ranked among the world’s most likely for millionaire and billionaire homes to turn a profit in 2024, and a growing number are looking to cash in.
From a Mornington Peninsula thoroughbred stud farm that’s reared a Melbourne Cup winner, to multiple swanky mansions across some of the Victorian capital’s exxiest postcodes — all boast beefed up eight-figure price tags.
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A 3200sq m Toorak estate with a $75m-$82m asking range is leading the charge and could even take top spot from the St Georges Rd “ghost mansion” that Australia’s youngest billionaire, 28-year-old crypto casino co-founder Edward Craven snapped up for $80,000,088 in 2022.
Craven has now started an at least three-year, $145m renovation to turn the home into a monolithic mansion surrounded by expansive garden landscaping and a pool.
It marks a significant transformation of the elite address that had sat empty for years before the billionaire reset the record books with its purchase.
In contrast, the new contender for the city’s house price crown in a quieter corner of the suburb is move-in ready and features a pool, tennis court, basement cinema, wine cellar and gardens by famous landscape designer Paul Bangay.
Forbes Global Properties director Michael Gibson described the mansion as “one of the best homes in Australia”, which international buyers have inspected.
Another grand pad at 16 Moule Ave, Brighton, sold for more than $40m in December although industry sources indicate the offer is not yet unconditional and it is still listed for sale on realestate.com.au
Other pricey piles awaiting a new owner include Canterbury’s Shrublands mansion and the neighbouring house, jointly listed for $48.8m; a five-bedroom house at 12 Lansell Rd, Toorak, with a $27m-$29m advertised range; and a luxury estate at 90 Wallaces Rd, Dromana, priced at $20m-$22m.
In Merricks North, the late billionaire David Hains’ 162ha property named Kingston Park, formerly home to Melbourne Cup 1990 victor Kingston Rule and other champion racehorses, is expected to fetch about $50m.
It could bring the ex-richlister’s surviving family up to $90m in sales of his former homes this year, after his former Albany Rd, Toorak, home sold for about $40m in March.
Sotheby’s International Realty Peninsula managing director Rob Curtain is handling inquiries for the Merricks North home.
The luxury coastal sales agent is also marketing a 40.47ha oceanfront property atop a cliff at 1746 Boneo Rd, Flinders, priced at $16m-$17.5m.
Known as The Goslings, it has a four-bedroom house, outdoor entertaining area with a pizza oven and four-car garage.
“There is really nothing between you and the beach, it doesn’t get much rawer than that with a couple of hundred feet (182m) between you and the cliff drop,” Mr Curtain said.
Mr Curtain noted the Mornington Peninsula’s lifestyle market was being impacted by increased land taxes and interest rates, plus a return-to-office push by some businesses.
However, RT Edgar’s Antoinette Nido said she has seen a renewed sense of optimism in Melbourne’s top end after selling a number of homes for $20m to $34m in the past 12 months — which hints more eye-watering deals could soon be struck.
Ms Nido pointed to Knight Frank’s Global Prime Residential Forecast for top-end property price growth, which puts Melbourne high on the list with expectations of a 3 per cent rise in 2024.
“Melbourne ranked eighth on the list, ahead of millionaire’s playgrounds like Monaco, Paris, New York and London,” Ms Nido said.
“At the moment, I’ve probably got four or five buyers who want to buy something for about $30m with a tennis court, in a good street, that is ready to move into.”
Ms Nido said increasing migration, and an apparent federal government effort to process a backlog of permanent residency and Significant Investor Visas applications – the latter available to immigrants who invest $5m+ in Australia – was increasing demand for blue-chip homes.
She also has the listing for a resort-style house at 5 Grosvenor Court, Toorak, featuring a pool, sauna, gym, tennis court and multiple bars, with a $15m-$16m asking range.
Kay & Burton managing director Ross Savas, involved in the Moule Ave, Brighton, sale, said the majority of international purchasers today were cash buyers.
“The elevated international demand for prestige property we saw last year has certainly carried through into 2024, with overseas purchasers showcasing particular interest in the $10m+ segment, an influx we haven’t seen since 2017,” Mr Savas added.
“I don’t see the heightened demand for luxury property changing any time soon as Australia’s high-net-worth individual populations grows, the supply and demand equation will remain imbalances.
The agency has sold about 10 properties above $10+ so far this year, he added.
Mr Savas currently has a 6601/35 Queensbridge St, Southbank penthouse opposite the Crown Entertainment Complex listed with a $15.5m-$17m range.
“As arguably Melbourne’s finest penthouse it offers an incredible lifestyle,” Mr Savas said.
“It’s hard to go past the incredible views the property offers — it certainly has the best vantage point for New Year’s Eve fireworks.”
Morrell and Koren buyer’s advocate to the city’s top end, Matthew Cleverdon, said many wealthy individuals preferred off-market real estate deals.
“They want their private lives to remain private and are looking for genuine buyers who can transact at the level they’re at,” Mr Cleverdon said.
His colleague and fellow buyer’s advocate, David Morrell, said prestige homes were selling if they were priced correctly but that if owners risked having their houses languish on the market if they set their expectations too high.
Selling history, in style
A Mornington Peninsula heritage clifftop estate has sold for a seven-figure sum.
The National Trust-listed Hindson House at 3440 Point Nepean Rd, Sorrento, was commissioned circa-1870 by former Victorian Premier George Kerferd.
Set on a 4021sq m block, the renovated period home is close to a beach featuring a shared jetty and two boathouses.
Buxton Sorrento’s James Redfern, who had the listing alongside RT Edgar Toorak’s Warwick Anderson, declined to comment on the new owners or the sold price but industry sources put the figure at just over $16m.
“It’s very beautiful, very special and a very significant home in terms of Melbourne’s history,” Mr Redfern said.
Although the property was sold in March, the details only became public last week.
Mr Redfern is also running a sales campaign for a five-bedroom house at 3444 Point Nepean Rd, Sorrento, which has a $21m-$23m asking range.
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