Victoria’s most-expensive home sales 2023: Toorak dominates top spots as international demand rises

More than half of Victoria’s priciest property sales were located in one area, as increasing international demand drove huge sales at the market’s top end. SEE THE TOP 20.

Emily Holgate and Alesha Capone

3 min read

December 23, 2023 - 6:00AM

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More than half of Victoria’s priciest property sales in 2023 occurred in the blue-chip suburb of Toorak, driven by increasing international demand at the market’s top end.

The Herald Sun can reveal the state’s most expensive deals this year, led by the quiet $80m sale of Sir William Charles Angliss’ rural estate, understood to have been snapped up by Chinese-backed Autumn Estate.

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The Greystones’ estate was Victoria’s most-expensive home sale of the year.

In Toorak, the $60m home of late motor racing identity and ex-Lord Mayor of Melbourne Ron Walker was also among the state’s highest priced deals.

While the affluent postcode’s $80m house price record set in 2022 remained unbroken, a new benchmark was achieved for the well-heeled ‘burb of Hawthorn after the $41m sale of a nine-bedroom mansion at 18-20 Shakespeare Grove.

Kay & Burton Stonnington director Grant Samuel brokered the record deal as well as several of the other most expensive sales and said overseas demand had taken prices at the top end to “another level”.

Ex-Lord Mayor Ron Walker’s home sold for $60m.

“The upper end has gone to another level altogether, driven at every price point by the international market,” Mr Samuel said.

“International buyers are coming in droves at the moment and taking the market from strength to strength, it’s something I haven’t seen for quite a period of time.”

He added that suburbs in the Stonnington, Boroondara, Glen Eira and Bayside local government areas achieved the priciest property sales in 2023.

And the market could be seeing more big ticket sales heading into the new year.

Forbes Global Properties director Michael Gibson said he was expecting more suburb records to be broken in 2024.

“The year has been as strong as I can remember at the upper end of the Melbourne residential market,” Mr Gibson said.

“The premium end of the Melbourne market is highly sought after from expats, international arrivals and naturally, the local fraternity which now includes a growing list of young high net worth individuals.”

18-20 Shakespeare Grove, Hawthorn set a new record price for the suburb with its $41m deal.

He added that there was “every chance” the $80m Toorak record could be overtaken next year.

Marshall White Stonnington director Marcus Chiminello echoed that it was “almost a guarantee” that a sale above $80m was on the cards again for 2024.

“The Melbourne record will likely be challenged a couple of times in the next 12 months,” he said.

Mr Chiminello handled a total of 17 sales above $15m this year and noted the return of international buyers from the “Asian corridor” to the Toorak market, including those from China, Singapore, Hong Kong and Taiwan.

11 of the top 20 sales of the year were in Toorak, like this oe at 61 Clendon Rd.

“It’s increasingly second-generation buyers being funded by the first generation who are upgrading from other areas in Melbourne,” he said of the overseas market.

There were also a handful of apartments in the city’s future tallest tower, Southbank’s $2bn STHBNK By Beulah project, that scored top sales for the state this year.

A full-floor sub-penthouse located above level 75 sold off the plan in February for a whopping $38m, while two other apartments in the complex achieved $30m off-plan sales.

The tower is likely to be complete in 2027.

Three sales in Renders the skyscraper, STHBNK were in the top 20 sales of the year.

Also among the priciest sales was the $20.75m sum cricket champion Ricky Ponting and his wife Rianna splashed on a six-bedroom Toorak mansion.

The former Australian test captain purchased the 1400sq m property in March after it was listed for $18.8m-$20.6m.

It features a luxury pool, tennis court and gardens designed by famous landscape architect Paul Bangay.

JP Dixon managing director Jonathan Dixon, who sold 27-29 Kent Ave, Brighton, in June for $24.5m, added that he was expecting “a lot of big money in the next year”.

“(Australia) is a safe bolthole for a lot of people with money,” Mr Dixon said.

He added that this included buyers from China and the US.