The Melbourne suburb of Toorak is defying viral austerity
The increase of mansion trading in Melbourne’s blue-blood Toorak belies its conservative image as the suburb opens up to a new generation of buyers.
The increase of mansion trading in Melbourne’s blue-blood Toorak belies its conservative image as the suburb opens up to a new generation of buyers.
A run of high-profile sales — and plenty more activity happening off market as well as major sales campaigns launching — point to a rush of late spring and early summer activity.
The very top end of Melbourne’s mansion market always showed signs that it would defy the impact of the city’s strict lockdown rules and bankers’ concerns about the health of the mortgage belt.
Top end buyers tend to have the capacity to finance home purchases themselves and were always less susceptible to the bank crackdowns that affected the middle of the market.
Though even the suburb’s family home market has been active with Marshall White agents James Redfern and Abby Innes selling the Edward Billson-designed Wooragee at 28 Clendon Road for above the top end of its asking range of $4.9m.
The 1919 rendered brick residence’s distinctive exterior grabbed buyers who also went for the captivating “old Hollywood” style garden with pool. The 765sq m block also holds the potential for the mansion to be extended.
Now, as the city is poised to emerge fully from coronavirus-induced lockdowns, agents say that activity is running hot, with recent sales touching pre-crisis levels.
In one of the largest purchases, Jenny Zhiang has emerged as the buyer of Jack Merlo’s Toorak mansion for a price approaching $25m.
Mr Merlo had picked up the property for about $10.25m in early 2016 but also added a $4.5m home to the block, partly accounting for the uplift on the 8 Ottawa Road parcel, which sold via Kay & Burton Real Estate’s Michael Gibson.
His colleague, Michael Armstrong, confirmed the strength of top end results as several big ticket properties went under contract after the restart.
These included the $21m sale for The Muse penthouse and another home — 7 Montalto Avenue, Toorak — also sold for just shy of $9m.
“The results haven’t quite lived up to the hype of the restart just yet, unless you’re at the very top end or in coastal and regional markets,” Mr Armstrong said.
“Regardless, there is a lot of activity and offers on most properties, it is just taking time to get deals done as buyers exercise caution.”
But sales are picking up. A Kooyong Road property was just sold by Jacqueline Blackwell, partner of JB Hi-Fi boss Richard Murray. The Toorak home, Glyn, marketed by Marshall White’s Marcus Chiminello and Nicole French, had a $14m to $15.4m price guide.
Fund manager Dion Hershan has been identified as the buyer and as paying just under the range for the home.
Craftsman-built in 1908 by architect Rodney Alsop, the property is perfect for isolated pandemic-era living and was pitched as offering family living with resort facilities, such as floodlit championship tennis court and swimming pool set within 2420sq m of well-established gardens.
The home, which last changed hands four years ago for $11m, sports a stately entrance leading to a grand two-storey foyer connecting to formal living, dining and entertaining rooms. It has six large bedrooms featuring renovated ensuites including a palatial main bedroom with dressing room and ensuite. A separate wing includes multiple retreats.
The next big test will be a newly built trophy home being offered with hopes of up to $25m at 4-5 Myvore Court, Toorak. The home showcases the work of prestige architects Cera Stribley, Philip Withers landscape architect and bespoke builder Leone Construction.
The spectacular residence, which features a soaring 7.2m entry and a one-of-a-kind helix staircase, sits in one of Toorak’s most exclusive cul de sacs, spans 1500sq m and is set amid tranquil gardens.
The home, available via RT Edgar’s Sarah Case, has four opulent bedrooms with robes and ensuites including a master retreat with private valley views, drop-down TV, custom dressing room and lavish Portsea Grey marble ensuite with twin amenities and European kidney-shaped bath. Features includes a library and a 16m climate-controlled wine wall with capacity for 2340 bottles.
A mansion for the times.
More Coverage
Salter Brothers plans IPO for $2bn hotels portfolio
Australia’s second-largest owner of hotel rooms is pushing ahead with an ASX listing for its growing accommodation assets.
Virtical offloads The Republic as plans wound back
Embattled developer Virtical has sold off The Republic Hotel in the heart of Sydney’s CBD for about $32m, putting an end to its ambitions of redeveloping the famed site.