Cranlana, Noorlim Estate: Victoria’s multimillion-dollar mansions that are still yet to find a buyer as 2024 draws to a close

From the Myer family’s historic Toorak estate to a sprawling Red Hill South property with two separate houses, these are the mansions that are still unsold as 2024 draws to a close.

Sarah Petty

4 min read

December 29, 2024 - 6:01AM

The Myer family’s mansion at 62 Clendon Rd, Toorak is still on the market.

Melbourne mansions expected to test the city’s home price records in 2024 have been left lingering on the market as buyers shied away from big price tags, some as much as $100m.

Four homes hit the market with hopes of a sale over $50m in spring, but none appear to have sealed a deal.

The wealthy family behind the Myer retail empire is still waiting for a buyer for their famous Toorak estate Cranlana, which is on target to smash Melbourne’s residential price record if it sells within its $96m-$105m asking range.

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Located at 62 Clendon Rd, the sprawling eight-bedroom estate’s first expression of interest campaign closed on November 11 without a purchaser with the search likely to tip into 2025.

Forbes Global Properties Australia director Robert Fletcher, who played a part in selling Victoria’s priciest home in 2024 – 2 Macquarie Rd, Toorak for about $70m – said the top-end of real estate was a market for patience.

“Our business is predicated on taking the time, if it’s required, to get great outcomes,” Mr Fletcher said.

“We deal with families that don’t need to act in desperation. They can act when it’s an appropriate or desired outcome. Time is your friend in this market.”

Noorlim Estate at 205 Wahring Murchison East Road, Wahring has a $15m+ price tag.

One home Mr Fletcher is managing the listing of is the sprawling five-bedroom house at 7 Martin St, Brighton, which has been on the market since August 2024.

Other homes, such as the Toorak mansion being sold by Nathan Buckley’s ex-wife Tania, are also waiting for a buyer even after a $1m-plus price cut.

After a 100-day hiatus from the market, Buckley’s property was relisted in October with a $15m-$16.5m price guide – down from $16.8m-$18m.

Tania Buckley’s Toorak mansion.

But Kay & Burton international division head Jamie Mi said since the Toorak digs had returned to the market, it’s generated a lot of new buyer interest.

And a striking Brighton mansion with a $39.9m-$43.89m asking price on the suburb’s waterfront is still waiting for a buyer after more than a year on the market.

16 Moule Ave, Brighton is listed with a $39.9m-$43.89m price tag.

Named Teychel, the residence sits on about 4500sq m of land.

The five-bedroom mansion ‘Teychel’ at 16 Moule Ave has had just two owners in its 100-year history.

It was first listed for sale in April 2023 but was withdrawn and relisted in April 2024.

However, Kay & Burton managing director Ross Savas, who is managing the listing, said the luxury property market continued to demonstrate remarkable resilience, with exceptional performance in the $10m-$50m range, thanks to international buyers.

“Many (vendors) who don’t need to sell are choosing to wait, and I firmly believe 2025 will present opportunities for them to achieve their goals,” Mr Savas said.

4 Denistoun Ave, Mt Eliza on market for $16.5m-$18m.

There’s a infinity-edge swimming pool and spa as well as a glass-fronted pool pavilion.

Another property that had its price guide slashed was a Mt Eliza clifftop manor named Pelican.

First listed in February for $18.5m-$20.35m, the five-bedroom compound at 4 Denistoun Ave, featuring an expansive pool pavilion designed as a luxury car showroom, was marked down to $16.5m-$18m later in the year.

Ms Mi added the market usually began to die down at this time of year but a lot of international prospective purchasers who were only just arriving in Melbourne were making cash offers.

621 Tucks Rd, Shoreham is listed with a $21m-$23m price tag.

There are two separate homes on the one title.

She said top-end stock was at an all-time low.

In Melbourne’s bayside suburbs, Marshall White partner Ben Vieth said there had been a slowdown of buying activity for homes priced $10m-plus, likely due to cost of living pressures and a lack of families choosing to upgrade.

Property Home Base director and buyer’s advocate Julie DeBondt-Barker said there were a lot of home sellers who were trying to test the market who weren’t being realistic in terms of their price expectations.