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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.

This Toorak mansion is for sale with a $75m-$82m price guide.
This Toorak mansion is for sale with a $75m-$82m price guide.

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.

Billionaire Edward Craven’s house on St Georges Rd, Toorak, is known as a “ghost mansion” because it stood vacant for several years before he bought it. Picture: Jake Nowakowski.
Billionaire Edward Craven’s house on St Georges Rd, Toorak, is known as a “ghost mansion” because it stood vacant for several years before he bought it. Picture: Jake Nowakowski.
An artist’s render of how Mr Craven’s renovated Toorak mansion will look.
An artist’s render of how Mr Craven’s renovated Toorak mansion will look.

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

Inside the Toorak estate with a $75m-$82m asking range.
Inside the Toorak estate with a $75m-$82m asking range.
The impressive temperature-controlled wine cellar and tasting room.
The impressive temperature-controlled wine cellar and tasting room.
Forbes Global Properties director Michael Gibson also has the listing for this mansion at <a href="https://www.realestate.com.au/property-house-vic-hawthorn-144191560" title="www.realestate.com.au">55 Kooyongkoot Rd, Hawthorn,</a> which has a $15.4m price tag.
Forbes Global Properties director Michael Gibson also has the listing for this mansion at 55 Kooyongkoot Rd, Hawthorn, which has a $15.4m price tag.
The grand home boasts a pool, basement bar and Swarovski crystal chandelier in the formal dining room.
The grand home boasts a pool, basement bar and Swarovski crystal chandelier in the formal dining room.

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.

Shrublands at 16 Balwyn Rd, Canterbury.
Shrublands at 16 Balwyn Rd, Canterbury.
Kingston Rule's trainer Bart Cummings, jockey Darren Beadman and owners Helen and David Hains celebrate after thoroughbred Kingston Rule won 1990 Melbourne Cup. The Hains’ 162ha property on the Mornington Peninsula, formerly home to victor Kingston Rule and other champion racehorses, is expected to fetch about $50m.
Kingston Rule's trainer Bart Cummings, jockey Darren Beadman and owners Helen and David Hains celebrate after thoroughbred Kingston Rule won 1990 Melbourne Cup. The Hains’ 162ha property on the Mornington Peninsula, formerly home to victor Kingston Rule and other champion racehorses, is expected to fetch about $50m.
Named Kingston Park, the land holding is made up of several separate titles and boasts multiple homes.
Named Kingston Park, the land holding is made up of several separate titles and boasts multiple homes.

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.

The coastal retreat at 1746 Boneo Rd, Flinders.
The coastal retreat at 1746 Boneo Rd, Flinders.
Clifftop and water views from the living and dining area.
Clifftop and water views from the living and dining area.

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.”

90 Wallaces Rd, Dromana, has a $20m-$22m price guide.
90 Wallaces Rd, Dromana, has a $20m-$22m price guide.
RT Edgar's Antoinette Nido.
RT Edgar's Antoinette Nido.
5 Grosvenor Court, Toorak, is a six-bedroom house set on of 1636sq m.
5 Grosvenor Court, Toorak, is a six-bedroom house set on of 1636sq m.

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.

Public records show Sushi Sushi and Sushi Jiro founder Anna Kasman owns the address.
Public records show Sushi Sushi and Sushi Jiro founder Anna Kasman owns the address.
The swimming pool and tennis court.
The swimming pool and tennis court.

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.

A six-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-brighton-144254140" title="www.realestate.com.au">29 Drake St, Brighton,</a> that’s on the market with a $16.25m price tag.
A six-bedroom house at 29 Drake St, Brighton, that’s on the market with a $16.25m price tag.
This four-bedroom penthouse at 6601/35 Queensbridge St, Southbank, offers views of Southbank, Albert Park, the Royal Botanic Gardens, Port Phillip Bay and beyond.
This four-bedroom penthouse at 6601/35 Queensbridge St, Southbank, offers views of Southbank, Albert Park, the Royal Botanic Gardens, Port Phillip Bay and beyond.

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.”

Developed by the Schiavello Group, the Southbank home is located within the Prima Tower.
Developed by the Schiavello Group, the Southbank home is located within the Prima Tower.
Designed by celebrated Australian architectural icon Nicholas Day, <a href="https://www.realestate.com.au/property-house-vic-toorak-144282552" title="www.realestate.com.au">6-7 Kilsyth Ave, Toorak,</a> has a $15m-$16.5m asking range.
Designed by celebrated Australian architectural icon Nicholas Day, 6-7 Kilsyth Ave, Toorak, has a $15m-$16.5m asking range.

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

The historic Hindson House at 3440 Point Nepean Rd, Sorrento.
The historic Hindson House at 3440 Point Nepean Rd, Sorrento.

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.

The nearby shared jetty and two boathouses.
The nearby shared jetty and two boathouses.
The house features open fireplaces, leadlight windows, 4.26m-high ceilings, archways, and original Baltic Pine floors.
The house features open fireplaces, leadlight windows, 4.26m-high ceilings, archways, and original Baltic Pine floors.

“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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Original URL: https://www.heraldsun.com.au/property/melbournes-crazy-rich-mansions-ritzy-real-estate-from-toorak-to-the-mornington-peninsula-thats-could-crack-house-price-record/news-story/0865dc6ea0a04d6b3c2f2552a58f8b54