Toorak home prices being slashed in ‘Franco Cozzo grand sale’ as land tax recalibrates Melbourne’s priciest postcode
A prominent Melbourne area is in the midst of a “Franco Cozzo grand sale” that’s seeing some home prices cut by millions, amid an unprecedented spring for the city’s top end.
Melbourne’s most-expensive suburb is in the midst of a “Franco Cozzo grand sale” that is seeing some home prices slashed amid an unprecedented spring for the city’s top end.
For the first time in history there are multiple homes listed for sale above $50m, headed by the Myer family’s Cranlana estate on Clendon Rd with a $96m-$105m asking price.
It’s joined by a Hopetoun Rd mansion owned by the property investment-focused Bursztyn family which has a $58.5m-$64m quote range.
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Former Mitre 10 boss Mark Laidlaw is hoping for a $50m-$55m sale in Edzell Ave and Estia Healthcare founder Michael Arventis has the same aspirations for an Irving Rd address not far from trucking magnate Lindsay Fox.
But the rush of high-end listings this spring has sent a shockwave through the pricey piles still lingering on the market, with a growing list slashing prices as the number of pricey piles for sale grows.
A Toorak home that’s address is not being disclosed had sought to break the city’s home price record when it was listed for $75m-$82m in March.
It is now listed with a $70m-$75m price tag.
Records show it is in the name of Susan Lord, a former fashion executive, and husband John, who chairs digital automation platform Neota Logic.
Stereosonic music festival co-founder Richie McNeill and Lauren Millay listed their St Georges Rd home in the suburb for $23m-$25m in October last year. It’s still listed, but with a $17.5m-$19.25m.
In the past week, a Linlithgow Rd address was returned to the market after a winter hiatus with a $17m-$18.5m asking price. It had been seeking $21m-$23m when first put up for sale in February.
And on nearby Lansell Rd a property that has been on and off the market since 2020, but was still asking for $27m-$29.7m earlier in the year, is now down to $22m-$24m.
There have also been significant reductions in lower price brackets, with a Heyington Place, Toorak, home put up for grabs with a $15.2m-$16m range in February and now advertised for $14.5m-$15m.
Last week, Tania Buckley returned the home she bought with ex-husband and Collingwood Football Club great Nathan Buckley to the market after resting it for a few months. It had been listed for $16.8m-$18m before the break, but is now advertised at $15m-$16.5m.
And a Yarradale Rd house listed for $15.5m-$17m in May is now taking expressions of interest at $13.5m.
Prominent Toorak buyer’s advocate David Morrell said it was like a “Franco Cozzo grand sale”.
“The market gets a bit sticky with an election in the US, as the US dollar could fall through the floor this week,” Mr Morrell said.
“Land tax is driving a few of them, and if they don’t settle by Christmas the owners are looking at an extra tax bill.
“So now they are throwing all the toys out to try and make things happen.”
RT Edgar Toorak boss Jeremy Fox said he believed there could soon be even more high-end homes up for sale in Toorak as owners who had struggled to sell beach houses in Sorrento and Portsea began to consider selling their Melbourne residence and relocating to the coast.
Mr Fox added that land tax had essentially “recalibrated” Melbourne’s priciest postcode since changes were implemented earlier in the year.
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Originally published as Toorak home prices being slashed in ‘Franco Cozzo grand sale’ as land tax recalibrates Melbourne’s priciest postcode