Brookfield has made private equity's life harder after Healthscope
It's hard to go past the $2.2 billion Myer float for top spot in the list of Australian private equity disasters of the 21st century. The department store chain was relisted on the ASX in 2009, three years after a consortium led by US private equity firm TPG Capital bought the Melbourne-based business. Things went sour immediately when Myer closed below its offer price on day one. In the following years the share price has never traded above the IPO mark.
This was particularly galling for investors because TPG had no skin in the game after pocketing an estimated $1.5 billion from the float. For its part, TPG then became the subject of a major tax avoidance controversy. When the Australian Taxation Office took court action to freeze TPG's bank accounts, claiming that substantial capital gains tax was owed, it found that all but $45 of the Myer sale proceeds had been transferred to offshore tax havens in Luxembourg and the Cayman Islands.
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42 minutes ago
- News.com.au
How Melbourne's 1980s property boom created a wealth gap that locked out young buyers forever
The Baby Boomers really did have it better when it comes to housing. Shock new figures show that inflation and wage growth has accounted for only a tiny fraction of Melbourne's property price rises since the 1980s. Instead, decades of undersupply of new homes and generations of Victorians bidding up prices have driven prices to levels that will permanently keep today's first-home buyers out of some suburbs. Whisk taker: Dessert Masters winner's $100k gamble Today's $900,000 median house price would more than cover the cost of a 1980s Toorak house, $160,500 at the time or about $824,000 in today's money. The suburb's typical residence is now worth $4.8m, almost six times higher, and far in front of inflation. Suburbs like Malvern, Brighton, Kew and Albert Park have also recorded inflation-adjusted increases of between $2m and $3m. Even in more affordable pockets, younger generations are now struggling to enter the same markets their parents once bought into with modest incomes and low deposits. PropTrack senior economist Eleanor Creagh said the data 'lays bare' the widening generational wealth divide, and shows just how much opportunity has been locked behind property prices. 'Homeowners who bought in the '80s or '90s are now sitting on huge capital gains,' Ms Creagh said. 'Today's first-home buyers face a completely different market, higher deposits, higher debt burdens, and affordability stretched close to record lows.' According to the Australian Bureau of Statistics, the average weekly earnings for full-time adults in March 1980 were just $245.70, or around $12,800 a year. Adjusted for inflation, that's roughly equivalent to $54,600 in today's dollars. In contrast, the latest ABS figures show average full-time earnings are now $1,975.80 a week, or just over $102,000 annually. While that represents a fourfold increase, house prices in some Melbourne suburbs have surged more than 30-fold over the same period. Even in outer suburbs like Ferntree Gully, once a launch pad for working-class homeownership, prices have soared. A house that cost $46,000 in 1980 — about $236,000 today — now has a median of over $870,000. And while Baby Boomers frequently cite double-digit interest rates in the 1980s — which reached as high as 17 per cent by 1989 — Ms Creagh said they were borrowing far smaller sums relative to income. 'It's a very different landscape,' she said. 'Back then, prices were much lower relative to wages. 'Today, you're borrowing more, for longer, just to get in.' M R Advocacy director and buyers' agent Madeleine Roberts said modern buyers were being forced to think strategically, even creatively, just to get a foot on the ladder. 'It's not about buying your forever home anymore,' Ms Roberts said. 'It's about building equity, through rentvesting, buying in growth corridors, or even interstate' 'Everyone wants the dream home, but the reality is you've got to start somewhere. And that somewhere often looks very different now.' Ms Roberts said while many young buyers still dreamt of owning property, their journey was shaped more by investment strategy than lifestyle goals. 'In the '80s you could live out of home, get married young and buy a place not long after,' she said. 'These days you might be living at home into your late 20s just to save.' Kay & Burton managing director Ross Savas said prestige suburbs like Toorak, Malvern and Armadale continue to attract intergenerational wealth, and will likely become even harder to access in decades to come. 'There's a new wave of wealth entering the market — tech entrepreneurs, global buyers, young professionals,' Mr Savas said. 'But it's underpinned by long-held family wealth. 'People still talk about the homes they missed out on 20 years ago. I've no doubt they'll be saying the same thing in another 20.' Mr Savas said the enduring appeal of Stonnington postcodes came down to lifestyle, elite schools, vibrant retail, and proximity to the CBD, but also scarcity. 'This is still one of the last asset classes in Australia that benefits from tax-free capital growth,' he said. 'That makes it a wealth-building opportunity as well as a lifestyle choice.' While today's buyers are unlikely to see the same meteoric gains their parents did, PropTrack senior economist Eleanor Creagh said Melbourne housing still held long-term potential, especially as population pressures and supply constraints continue. 'You may not get Toorak, but you can still build wealth,' Ms Creagh said. 'Start where you can, let compound growth work for you. 'The earlier you start, the more options you'll have.' Top Melbourne suburbs where house prices soared since 1980 Suburb 1980's Average Price 1980 Price (Indexed to 2025) 2025 Projected Price Difference (2025 – 1980) Toorak $160,500 $824,200 $4.80m $4.64m Deepdene $66,450 $341,200 $3.81m $3.75m Canterbury $70,500 $362,000 $3.48m $3.40m Malvern $65,000 $333,800 $3.19m $3.12m Hawthorn $66,085 $339,300 $3.07m $3.00m Brighton $79,750 $409,500 $3.03m $2.95m Balwyn $49,500 $254,200 $2.90m $2.85m Middle Park $61,000 $313,200 $2.67m $2.61m Kew $60,500 $310,700 $2.66m $2.60m Camberwell $62,000 $318,400 $2.58m $2.52m Hawthorn East $60,000 $308,100 $2.50m $2.44m Armadale $68,500 $351,800 $2.44m $2.38m Mont Albert $53,000 $272,200 $2.42m $2.37m Eaglemont $59,250 $304,300 $2.41m $2.35m Ivanhoe East $67,500 $346,600 $2.38m $2.31m Black Rock $60,250 $309,400 $2.35m $2.29m Albert Park $47,750 $245,200 $2.32m $2.27m Hampton $47,000 $241,300 $2.32m $2.27m Surrey Hills $49,000 $251,600 $2.31m $2.26m Balwyn North $66,000 $338,900 $2.31m $2.24m Glen Iris $53,325 $273,800 $2.26m $2.20m Caulfield North $69,000 $354,300 $2.23m $2.16m Caulfield $57,723 $296,400 $2.20m $2.14m Park Orchards $74,350 $381,800 $2.20m $2.13m Kew East $57,750 $296,500 $2.17m $2.11m Elwood $50,000 $256,800 $2.14m $2.09m Sandringham $51,500 $264,500 $2.06m $2.01m Brighton East $58,000 $297,800 $2.04m $1.98m Malvern East $50,000 $256,800 $2.00m $1.95m Beaumaris $61,000 $313,200 $2.00m $1.94m Elsternwick $52,000 $267,000 $1.95m $1.90m South Yarra $70,000 $359,500 $1.94m $1.86m Ashburton $40,500 $208,000 $1.87m $1.83m Ormond $41,375 $212,500 $1.86m $1.82m Alphington $35,500 $182,300 $1.84m $1.80m Aberfeldie $42,000 $215,700 $1.81m $1.77m McKinnon $41,500 $213,100 $1.80m $1.76m Sorrento $35,000 $179,700 $1.79m $1.75m Ivanhoe $46,500 $238,800 $1.76m $1.72m Fitzroy $48,250 $247,800 $1.72m $1.67m Caulfield South $46,000 $236,200 $1.72m $1.67m Essendon $42,500 $218,200 $1.71m $1.67m Templestowe $68,000 $349,200 $1.72m $1.65m Carnegie $38,000 $195,100 $1.68m $1.64m Mont Albert North $48,500 $249,000 $1.65m $1.61m Box Hill $36,000 $184,900 $1.65m $1.61m Glen Waverley $51,500 $264,500 $1.66m $1.61m St Kilda East $61,500 $315,800 $1.66m $1.60m Princes Hill $57,250 $294,000 $1.65m $1.59m Carlton North $49,500 $254,200 $1.64m $1.59m Fairfield $31,500 $161,800 $1.60m $1.57m Mount Waverley $48,000 $246,500 $1.62m $1.57m Murrumbeena $40,000 $205,400 $1.61m $1.57m Northcote $29,250 $150,200 $1.60m $1.57m Strathmore $46,500 $238,800 $1.61m $1.57m Bentleigh $42,000 $215,700 $1.61m $1.57m Donvale $52,975 $272,000 $1.61m $1.56m Mount Eliza $65,000 $333,800 $1.61m $1.55m Doncaster East $51,000 $261,900 $1.58m $1.53m Clifton Hill $39,000 $200,300 $1.56m $1.52m Port Melbourne $36,000 $184,900 $1.55m $1.52m Lower Plenty $57,000 $292,700 $1.58m $1.52m St Kilda $42,000 $215,700 $1.54m $1.50m Williamstown $36,000 $184,900 $1.52m $1.49m South Melbourne $44,000 $225,900 $1.53m $1.49m Prahran $43,500 $223,400 $1.53m $1.49m Fitzroy North $40,875 $209,900 $1.51m $1.47m Blackburn $42,500 $218,200 $1.51m $1.47m Moonee Ponds $36,000 $184,900 $1.48m $1.44m Bentleigh East $41,500 $213,100 $1.48m $1.44m Ashwood $38,250 $196,400 $1.47m $1.43m Parkdale $37,975 $195,000 $1.46m $1.42m North Warrandyte $55,000 $282,400 $1.45m $1.40m Vermont South $60,000 $308,100 $1.46m $1.40m Mount Martha $44,800 $230,000 $1.44m $1.40m Hughesdale $30,650 $157,400 $1.43m $1.40m Doncaster $59,000 $303,000 $1.45m $1.39m Highett $38,000 $195,100 $1.43m $1.39m Hampton East $38,500 $197,700 $1.42m $1.38m Box Hill South $40,000 $205,400 $1.42m $1.38m Thornbury $30,000 $154,100 $1.39m $1.36m Windsor $42,750 $219,500 $1.40m $1.36m Warrandyte $50,125 $257,400 $1.40m $1.35m Richmond $34,000 $174,600 $1.38m $1.35m Balaclava $39,000 $200,300 $1.38m $1.34m Wheelers Hill $55,000 $282,400 $1.40m $1.34m Heidelberg $48,000 $246,500 $1.37m $1.33m Somers $44,000 $225,900 $1.36m $1.32m Blairgowrie $29,035 $149,100 $1.35m $1.32m Brunswick East $29,000 $148,900 $1.35m $1.32m Carlton $50,000 $256,800 $1.37m $1.32m Burwood $40,500 $208,000 $1.36m $1.32m Rosanna $47,000 $241,300 $1.36m $1.31m Blackburn South $40,500 $208,000 $1.33m $1.29m Templestowe Lower $60,000 $308,100 $1.34m $1.28m Box Hill North $39,000 $200,300 $1.32m $1.28m Oakleigh $32,000 $164,300 $1.31m $1.27m Mentone $49,000 $251,600 $1.31m $1.26m Aspendale $35,500 $182,300 $1.29m $1.26m Mordialloc $35,000 $179,700 $1.30m $1.26m Edithvale $33,000 $169,500 $1.29m $1.26m Blackburn North $40,000 $205,400 $1.29m $1.25m Brunswick West $33,000 $169,500 $1.28m $1.25m Bulleen $49,000 $251,600 $1.30m $1.25m Ascot Vale $34,250 $175,900 $1.28m $1.25m North Melbourne $41,750 $214,400 $1.28m $1.24m Burwood East $45,500 $233,600 $1.29m $1.24m Brunswick $28,000 $143,800 $1.26m $1.23m Cremorne $30,000 $154,100 $1.26m $1.23m Vermont $44,500 $228,500 $1.28m $1.23m Eltham North $52,050 $267,300 $1.27m $1.22m McCrae $33,000 $169,500 $1.25m $1.22m Moorabbin $42,975 $220,700 $1.27m $1.22m Niddrie $37,000 $190,000 $1.25m $1.22m Newport $26,000 $133,500 $1.25m $1.22m Abbotsford $30,800 $158,200 $1.23m $1.20m Essendon North $37,250 $191,300 $1.23m $1.19m Wantirna South $41,800 $214,600 $1.22m $1.18m Clayton $33,100 $170,000 $1.21m $1.18m Eltham $49,500 $254,200 $1.22m $1.17m Chadstone $35,250 $181,000 $1.20m $1.17m Ringwood North $43,500 $223,400 $1.22m $1.17m Cheltenham $43,500 $223,400 $1.20m $1.16m Oakleigh East $35,500 $182,300 $1.19m $1.15m Patterson Lakes $37,360 $191,800 $1.18m $1.14m Oakleigh South $37,875 $194,500 $1.18m $1.14m Forest Hill $41,000 $210,500 $1.19m $1.14m Collingwood $31,000 $159,200 $1.17m $1.14m Pascoe Vale South $36,500 $187,400 $1.17m $1.13m Preston $30,500 $156,600 $1.16m $1.13m Altona $36,000 $184,900 $1.17m $1.13m Coburg $29,625 $152,100 $1.16m $1.13m Viewbank $52,000 $267,000 $1.17m $1.12m Safety Beach $31,000 $159,200 $1.15m $1.12m Macleod $41,000 $210,500 $1.15m $1.11m Frankston South $45,000 $231,100 $1.16m $1.11m Nunawading $38,000 $195,100 $1.15m $1.11m Keilor $55,750 $286,300 $1.16m $1.10m Spotswood $26,500 $136,100 $1.12m $1.10m Mitcham $37,000 $190,000 $1.14m $1.10m Kingsville $24,000 $123,200 $1.12m $1.10m Yarraville $25,500 $130,900 $1.12m $1.09m Seddon $20,000 $102,700 $1.10m $1.08m Montmorency $39,975 $205,300 $1.11m $1.08m Maribyrnong $33,125 $170,100 $1.10m $1.07m Mornington $35,000 $179,700 $1.10m $1.06m Wantirna $44,500 $228,500 $1.10m $1.06m Olinda $40,000 $205,400 $1.10m $1.06m Kensington $25,000 $128,400 $1.08m $1.05m Mulgrave $40,000 $205,400 $1.09m $1.05m Dingley Village $44,000 $225,900 $1.07m $1.03m Rowville $36,630 $188,100 $1.05m $1.02m Flemington $30,250 $155,300 $1.04m $1.01m Diamond Creek $41,000 $210,500 $1.05m $1.01m Pascoe Vale $35,000 $179,700 $1.03m $1.00m Heathmont $38,925 $199,900 $1.04m $999,075 Bonbeach $30,975 $159,100 $1.02m $994,025 Greensborough $43,500 $223,400 $1.03m $991,500 Oak Park $38,500 $197,700 $1.03m $989,000 Ringwood $38,500 $197,700 $1.02m $981,500 Clarinda $39,000 $200,300 $1.01m $974,000 Keilor East $44,000 $225,900 $1.02m $974,000 Yallambie $49,000 $251,600 $1.01m $963,000 Croydon North $42,000 $215,700 $1.00m $958,500 Ringwood East $34,975 $179,600 $991,000 $956,025 Rye $28,000 $143,800 $975,000 $947,000 Coburg North $32,000 $164,300 $972,500 $940,500 Dromana $30,000 $154,100 $970,000 $940,000 Gisborne $44,500 $228,500 $980,000 $935,500 Avondale Heights $40,000 $205,400 $975,000 $935,000 Scoresby $40,000 $205,400 $970,000 $930,000 Wandin North $30,650 $157,400 $960,000 $929,350 Chelsea $35,000 $179,700 $962,500 $927,500 Hurstbridge $37,500 $192,600 $960,000 $922,500 Briar Hill $46,400 $238,300 $968,000 $921,600 Footscray $23,000 $118,100 $943,000 $920,000 Emerald $35,350 $181,500 $950,000 $914,650 Chelsea Heights $35,950 $184,600 $945,000 $909,050 Yarra Glen $30,000 $154,100 $935,000 $905,000 Altona North $37,650 $193,300 $942,500 $904,850 Montrose $37,000 $190,000 $941,500 $904,500 Taylors Lakes $46,950 $241,100 $950,000 $903,050 Watsonia $37,600 $193,100 $940,000 $902,400 Airport West $36,000 $184,900 $937,500 $901,500 Clayton South $38,470 $197,500 $937,000 $898,530 West Footscray $26,000 $133,500 $920,000 $894,000 Knoxfield $37,250 $191,300 $928,500 $891,250 Keysborough $38,500 $197,700 $908,000 $869,500 Bayswater North $37,300 $191,500 $894,800 $857,500 Reservoir $34,000 $174,600 $890,000 $856,000 Croydon South $36,500 $187,400 $890,000 $853,500 Croydon $36,000 $184,900 $888,000 $852,000 Carrum $29,750 $152,800 $880,500 $850,750 Heidelberg Heights $35,500 $182,300 $880,000 $844,500 Watsonia North $42,600 $218,800 $886,600 $844,000 The Basin $33,000 $169,500 $871,000 $838,000 Ferntree Gully $36,350 $186,700 $873,000 $836,650 Tootgarook $29,000 $148,900 $865,000 $836,000 Berwick $41,625 $213,700 $875,000 $833,375 Tecoma $31,000 $159,200 $860,000 $829,000 Bayswater $37,200 $191,000 $865,000 $827,800 Upper Ferntree Gully $30,750 $157,900 $856,500 $825,750 Monbulk $35,000 $179,700 $860,200 $825,200 Upwey $33,500 $172,000 $857,600 $824,100 Somerville $34,000 $174,600 $855,000 $821,000 Tyabb $34,950 $179,500 $850,000 $815,050 Boronia $35,500 $182,300 $850,000 $814,500 Hadfield $35,000 $179,700 $848,800 $813,800 Langwarrin $39,000 $200,300 $850,000 $811,000 Bundoora $42,000 $215,700 $852,000 $810,000 Springvale $33,000 $169,500 $842,000 $809,000 Lilydale $33,225 $170,600 $840,000 $806,775 Mount Evelyn $31,000 $159,200 $835,000 $804,000 Belgrave $31,000 $159,200 $835,000 $804,000 Chirnside Park $45,000 $231,100 $842,500 $797,500 Maidstone $27,500 $141,200 $820,000 $792,500 Seaford $33,000 $169,500 $825,000 $792,000 Springvale South $38,000 $195,100 $820,000 $782,000 Keilor Park $45,000 $231,100 $824,200 $779,200 Glenroy $34,000 $174,600 $811,000 $777,000 Mooroolbark $36,475 $187,300 $812,500 $776,025 Endeavour Hills $38,950 $200,000 $810,000 $771,050 Kingsbury $36,125 $185,500 $800,000 $763,875 Healesville $29,750 $152,800 $792,500 $762,750 Kilsyth $36,500 $187,400 $795,000 $758,500 Heidelberg West $28,875 $148,300 $780,000 $751,125 Sunshine $27,000 $138,600 $773,500 $746,500 Mill Park $43,975 $225,800 $790,000 $746,025 Noble Park North $37,000 $190,000 $775,000 $738,000 Noble Park $35,000 $179,700 $770,000 $735,000 Rosebud $27,500 $141,200 $760,000 $732,500 Fawkner $35,000 $179,700 $766,500 $731,500 Keilor Downs $41,350 $212,300 $765,000 $723,650 Cockatoo $27,275 $140,100 $750,000 $722,725 Dandenong North $38,000 $195,100 $755,000 $717,000 Albion $25,500 $130,900 $737,500 $712,000 Braybrook $24,475 $125,700 $735,000 $710,525 Narre Warren $34,995 $179,700 $745,000 $710,005 Sunshine North $30,000 $154,100 $735,000 $705,000 Tullamarine $43,675 $224,300 $745,000 $701,325 Frankston $36,000 $184,900 $735,000 $699,000 Baxter $32,000 $164,300 $730,000 $698,000 Hallam $37,000 $190,000 $730,000 $693,000 Gladstone Park $42,000 $215,700 $734,000 $692,000 Altona Meadows $39,000 $200,300 $730,000 $691,000 Capel Sound $29,200 $149,900 $720,000 $690,800 Yarra Junction $25,750 $132,200 $715,000 $689,250 Launching Place $34,000 $174,600 $722,000 $688,000 Thomastown $39,000 $200,300 $720,000 $681,000 Crib Point $25,500 $130,900 $705,000 $679,500 Carrum Downs $34,950 $179,500 $711,000 $676,050 Dandenong $34,440 $176,900 $710,000 $675,560 Whittlesea $39,975 $205,300 $712,500 $672,525 Lalor $37,500 $192,600 $701,000 $663,500 Woori Yallock $27,000 $138,600 $690,000 $663,000 Kealba $39,000 $200,300 $700,000 $661,000 Warburton $22,500 $115,500 $667,500 $645,000 Sunshine West $36,000 $184,900 $680,000 $644,000 Ardeer $30,500 $156,600 $672,500 $642,000 Hastings $33,950 $174,300 $670,000 $636,050 Sunbury $37,000 $190,000 $670,000 $633,000 Deer Park $35,000 $179,700 $667,000 $632,000 Hampton Park $34,950 $179,500 $665,000 $630,050 Cranbourne $33,250 $170,700 $660,000 $626,750 Epping $40,248 $206,700 $665,000 $624,752 St Albans $35,000 $179,700 $655,000 $620,000 Westmeadows $44,250 $227,200 $660,000 $615,750 Diggers Rest $34,500 $177,200 $650,000 $615,500 Pakenham $36,900 $189,500 $650,500 $613,600 Craigieburn $37,500 $192,600 $650,000 $612,500 Hoppers Crossing $38,000 $195,100 $621,000 $583,000 Campbellfield $38,000 $195,100 $621,000 $583,000 Frankston North $24,625 $126,500 $605,000 $580,375 Kings Park $36,500 $187,400 $615,000 $578,500 Albanvale $35,000 $179,700 $612,000 $577,000 Millgrove $23,350 $119,900 $597,500 $574,150 Werribee $35,973 $184,700 $610,000 $574,027 Doveton $27,250 $139,900 $600,000 $572,750 Jacana $30,000 $154,100 $602,000 $572,000 Bacchus Marsh $39,400 $202,300 $610,000 $570,600 Broadmeadows $28,000 $143,800 $592,500 $564,500 Laverton $30,000 $154,100 $590,000 $560,000 Wyndham Vale $33,775 $173,400 $575,500 $541,725 Coolaroo $29,000 $148,900 $560,000 $531,000 Dallas $31,000 $159,200 $555,000 $524,000 Melton West $35,050 $180,000 $540,000 $504,950 Melton South $30,500 $156,600 $519,200 $488,700 Melton $30,000 $154,100 $475,000 $445,000 Source: PropTrack Top Melbourne suburbs where unit prices soared since 1980 Suburb 1980's Average Price 1980 Price (Indexed to 2025) 2025 Projected Price Difference (2025 – 1980) Brighton $61,000 $313,200 $1.31m $1.25m Beaumaris $49,600 $254,700 $1.28m $1.23m Black Rock $47,000 $241,300 $1.27m $1.23m Brighton East $49,750 $255,500 $1.19m $1.14m Mount Waverley $40,000 $205,400 $1.09m $1.05m Canterbury $44,250 $227,200 $1.08m $1.04m Toorak $60,250 $309,400 $990,000 $929,750 Glen Waverley $47,950 $246,200 $946,500 $898,550 Hampton $41,000 $210,500 $927,500 $886,500 Vermont $45,125 $231,700 $928,900 $883,775 Caulfield South $34,000 $174,600 $900,000 $866,000 Camberwell $47,000 $241,300 $895,500 $848,500 Clifton Hill $24,300 $124,800 $870,000 $845,700 Surrey Hills $42,075 $216,100 $870,000 $827,925 Mitcham $37,625 $193,200 $863,000 $825,375 Kew $54,225 $278,400 $879,000 $824,775 Bentleigh East $30,000 $154,100 $850,000 $820,000 Box Hill North $40,500 $208,000 $858,000 $817,500 Balwyn $50,000 $256,800 $851,800 $801,800 Williamstown $38,500 $197,700 $840,000 $801,500 Aspendale $30,000 $154,100 $822,200 $792,200 Nunawading $34,250 $175,900 $825,000 $790,750 Glen Iris $37,625 $193,200 $820,000 $782,375 Parkdale $33,750 $173,300 $802,500 $768,750 Mont Albert $44,500 $228,500 $800,000 $755,500 Mornington $34,500 $177,200 $757,000 $722,500 Fairfield $18,500 $95,000 $735,000 $716,500 Clayton $33,500 $172,000 $750,000 $716,500 Hughesdale $36,000 $184,900 $746,500 $710,500 Bonbeach $28,375 $145,700 $730,800 $702,425 Murrumbeena $27,000 $138,600 $722,500 $695,500 Ringwood East $36,500 $187,400 $730,000 $693,500 Greensborough $38,000 $195,100 $728,000 $690,000 Ivanhoe $44,000 $225,900 $730,000 $686,000 Mordialloc $29,000 $148,900 $713,800 $684,800 Elsternwick $37,250 $191,300 $722,000 $684,750 Altona $36,000 $184,900 $720,000 $684,000 Bentleigh $34,000 $174,600 $711,000 $677,000 Chelsea $29,875 $153,400 $705,000 $675,125 Armadale $33,125 $170,100 $702,500 $669,375 Malvern $41,250 $211,800 $709,000 $667,750 Mentone $33,750 $173,300 $690,000 $656,250 Cheltenham $33,358 $171,300 $683,000 $649,642 Bayswater $31,500 $161,800 $680,000 $648,500 Croydon $32,000 $164,300 $680,000 $648,000 Sandringham $41,250 $211,800 $687,500 $646,250 Ferntree Gully $32,300 $165,900 $665,500 $633,200 Elwood $28,500 $146,300 $660,000 $631,500 Northcote $21,000 $107,800 $650,000 $629,000 Boronia $33,000 $169,500 $660,500 $627,500 Glen Huntly $40,000 $205,400 $666,000 $626,000 Thornbury $21,000 $107,800 $645,000 $624,000 Heidelberg $41,500 $213,100 $665,000 $623,500 Carnegie $34,250 $175,900 $650,000 $615,750 Fitzroy North $30,000 $154,100 $645,000 $615,000 Seaford $33,000 $169,500 $645,000 $612,000 Blackburn $40,000 $205,400 $652,000 $612,000 Pascoe Vale $34,500 $177,200 $645,000 $610,500 Caulfield North $36,500 $187,400 $641,000 $604,500 Preston $31,500 $161,800 $631,200 $599,700 Bayswater North $30,500 $156,600 $630,000 $599,500 Highett $34,500 $177,200 $631,800 $597,300 Ormond $24,000 $123,200 $620,000 $596,000 Capel Sound $32,625 $167,500 $627,500 $594,875 Reservoir $32,000 $164,300 $625,000 $593,000 Springvale $30,500 $156,600 $622,000 $591,500 Springvale South $33,000 $169,500 $621,500 $588,500 St Kilda East $30,000 $154,100 $610,000 $580,000 Ringwood $35,700 $183,300 $615,000 $579,300 West Footscray $30,000 $154,100 $609,000 $579,000 Doncaster $43,750 $224,700 $608,000 $564,250 Hawthorn $38,159 $195,900 $599,500 $561,341 Brunswick $27,250 $139,900 $588,000 $560,750 Balaclava $27,000 $138,600 $585,800 $558,800 Richmond $19,950 $102,400 $575,000 $555,050 Malvern East $36,500 $187,400 $588,500 $552,000 Box Hill $36,250 $186,100 $586,000 $549,750 Hawthorn East $30,250 $155,300 $577,500 $547,250 Glenroy $33,000 $169,500 $580,000 $547,000 Oakleigh $37,000 $190,000 $583,500 $546,500 Coburg $28,000 $143,800 $572,000 $544,000 Essendon $37,000 $190,000 $580,000 $543,000 Moonee Ponds $35,750 $183,600 $572,500 $536,750 St Kilda West $25,750 $132,200 $550,000 $524,250 Noble Park $31,500 $161,800 $555,000 $523,500 Frankston $33,000 $169,500 $550,000 $517,000 Tullamarine $41,000 $210,500 $557,500 $516,500 Ascot Vale $25,000 $128,400 $539,000 $514,000 Footscray $22,750 $116,800 $530,000 $507,250 Windsor $30,000 $154,100 $535,500 $505,500 Brunswick West $27,000 $138,600 $530,000 $503,000 South Yarra $38,000 $195,100 $540,000 $502,000 Albion $19,750 $101,400 $520,000 $500,250 Burwood East $47,000 $241,300 $542,000 $495,000 St Kilda $24,125 $123,900 $505,000 $480,875 Maribyrnong $24,450 $125,600 $490,000 $465,550 Prahran $33,000 $169,500 $491,800 $458,800 Cranbourne $26,975 $138,500 $480,000 $453,025 Dandenong $29,000 $148,900 $472,500 $443,500 Parkville $63,500 $326,100 $500,000 $436,500 North Melbourne $32,500 $166,900 $465,000 $432,500 Melbourne $47,000 $241,300 $440,000 $393,000 Carlton $66,500 $341,500 $342,500 $276,000
The Age
43 minutes ago
- The Age
Woollahra's $10.6m failed sale offers a lesson in contract law
But behind the scenes, the $1.06 million deposit owed on the exchange was fast becoming a matter of contention given claims Jabbour's first cheque bounced, and the sale was later secured by a bank transfer of $100,000. That equates to less than 1 per cent of the purchase price. As Longhurst pursued his buyer for the outstanding amount, Gibson claimed she only became aware Jabbour had paid a fraction of the deposit until more than six weeks after the deal was due to settle, by which time they had already given Jabbour more time to finance her purchase, and the market had started its downward trajectory. Gibson further claims she enlisted Longhurst on a 1.1 per cent commission, but that he reduced that by $16,000 after he broke the non-disclosure agreement by emailing his database with the bullish sale price. The commission was never paid. The details behind the failed sale are set to be contested in the Supreme Court in coming months after Gibson launched legal proceedings in a bid to recoup her losses against Jabbour, Longhurst, and the agency's director, Michael Pallier. Like Longhurst, Jabbour declined to comment for this story, so it remains unknown why she didn't complete on the sale, although their defences in the matter have been lodged with the court. Pallier said he is included in the summons purely because he is the Sotheby's licensee, and had nothing to do with the sale. But Pallier did back his leading agent Longhurst, ranking him among Sotheby's – and Sydney's – top sales guns. Longhurst's own purchase of an almost $27 million home in Vaucluse recently made headlines in The Australian Financial Review, given it was the former home of Telstra executive director Maxine Brenner and her husband, founder Jodee Rich. Longhurst has form when it comes to selling high-end houses on a minimal deposit. Two years ago, he set a then-house price record in Paddington of $14 million when he sold the historic double terrace Brompton to Monte Carlo-based art adviser Richard Thompson. But Thompson never settled on the purchase, and the seller Jacqueline Bailey was left with less than a 5 per cent deposit and the need to move back into the house before she relisted it a year later. It eventually sold last September after what was ultimately a more than 18-month campaign, and for nearer to $12.5 million. The binding nature of a sale contract and the 10 per cent deposit that is owed (regardless of what is agreed as an initial deposit) was most famously laid bare by Hollywood star Toni Collette and her former husband, musician Dave Galafassi in 2011 when they exchanged to buy a Paddington terrace for $6.35 million. In Supreme Court proceedings that followed it was revealed that they later pulled out of the deal because they did not have the money. The sellers Industrie Clothing co-founders Nick and Susie Kelly later resold the house for $5.5 million, and sued Collette and Galafassi for the difference. The celebrity former couple not only had to forfeit their 10 per cent deposit, but more than $600,000 in damages.
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
Woollahra's $10.6m failed sale offers a lesson in contract law
But behind the scenes, the $1.06 million deposit owed on the exchange was fast becoming a matter of contention given claims Jabbour's first cheque bounced, and the sale was later secured by a bank transfer of $100,000. That equates to less than 1 per cent of the purchase price. As Longhurst pursued his buyer for the outstanding amount, Gibson claimed she only became aware Jabbour had paid a fraction of the deposit until more than six weeks after the deal was due to settle, by which time they had already given Jabbour more time to finance her purchase, and the market had started its downward trajectory. Gibson further claims she enlisted Longhurst on a 1.1 per cent commission, but that he reduced that by $16,000 after he broke the non-disclosure agreement by emailing his database with the bullish sale price. The commission was never paid. The details behind the failed sale are set to be contested in the Supreme Court in coming months after Gibson launched legal proceedings in a bid to recoup her losses against Jabbour, Longhurst, and the agency's director, Michael Pallier. Like Longhurst, Jabbour declined to comment for this story, so it remains unknown why she didn't complete on the sale, although their defences in the matter have been lodged with the court. Pallier said he is included in the summons purely because he is the Sotheby's licensee, and had nothing to do with the sale. But Pallier did back his leading agent Longhurst, ranking him among Sotheby's – and Sydney's – top sales guns. Longhurst's own purchase of an almost $27 million home in Vaucluse recently made headlines in The Australian Financial Review, given it was the former home of Telstra executive director Maxine Brenner and her husband, founder Jodee Rich. Longhurst has form when it comes to selling high-end houses on a minimal deposit. Two years ago, he set a then-house price record in Paddington of $14 million when he sold the historic double terrace Brompton to Monte Carlo-based art adviser Richard Thompson. But Thompson never settled on the purchase, and the seller Jacqueline Bailey was left with less than a 5 per cent deposit and the need to move back into the house before she relisted it a year later. It eventually sold last September after what was ultimately a more than 18-month campaign, and for nearer to $12.5 million. The binding nature of a sale contract and the 10 per cent deposit that is owed (regardless of what is agreed as an initial deposit) was most famously laid bare by Hollywood star Toni Collette and her former husband, musician Dave Galafassi in 2011 when they exchanged to buy a Paddington terrace for $6.35 million. In Supreme Court proceedings that followed it was revealed that they later pulled out of the deal because they did not have the money. The sellers Industrie Clothing co-founders Nick and Susie Kelly later resold the house for $5.5 million, and sued Collette and Galafassi for the difference. The celebrity former couple not only had to forfeit their 10 per cent deposit, but more than $600,000 in damages.
