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Herald Sun
2 days ago
- Business
- Herald Sun
Victoria: Priciest homes revealed including Toorak record-buster
New and old rich-listers splashed an eye-watering $540m-plus on Victoria's 20 most expensive homes of the past 12 months. A record-busting sale reported to fall between $115m to $135m for Toorak mansion Coonac topped the pile. It was also the nation's biggest deal for the 2024-25 financial year although industry sources indicated the transaction likely fell at the range's lower end. RELATED: Arrotex boss billionaire Dennis Bastas firming as buyer of $100m+ mansion PropTrack: Melb six months from record prices Geelong trophy home Raith on track to break record at circa $9m Other Toorak listings clocked up individual circa-$70m and $40m sales. Elsewhere, luxurious pads in Canterbury, South Yarra, Brighton and the Mornington Peninsula scored eight-figure sales. But it was the circa-1867 Italianate mansion Coonac that smashed Melbourne's $80.88m benchmark. Industry insiders linked the off-market sale to Kay & Burton managing director Ross Savas and chair Gerald Delany. While it's not been officially confirmed, billionaire Dennis Bastas was widely tipped to have purchased Coonac. Mr Bastas runs a healthcare empire through his leadership roles at Arrotex Pharmaceuticals, myDNA and DBG Health. Mr Savas said the upper end of the Melbourne market has remained resilient. 'Many are taking a generational view — prioritising long-term security, lifestyle alignment and legacy over short-term market fluctuations,' he said, 'At the same time, favourable economic conditions, including the low Australian dollar, continue to attract international interest — particularly from expatriates and global buyers looking to establish roots in Melbourne.' The luxurious six-bedroom mansion at 2-4 Macquarie Rd fetched a figure in the vicinity of $70m shortly before Christmas. Automation platform Neota chairman John Lord and his wife Sue sold the home where visitors are greeted with a sweeping marble staircase, and are likely to enjoy a dedicated basement cinema or the home's temperature-controlled wine cellar and tasting room. Forbes Global Properties' Michael Gibson handled the listing – along with another $40m Toorak pad that changed hands off market. Mr Gibson said there was often multiple buyers for homes prices at $10m to $30. 'The premier market over the past year has been as strong as ever … one thing we are short on is properties to sell,' he added. When it came to luxury features it wasn't uncommon for homeowners to want double-level basements for entertaining, exercising and storing car collections, said Forbes Global Properties director Robert Fletcher, who oversaw a $29m Toorak deal in March. 'I think people who have a large amount of cars tend to look for space for between six to eight cars,' he said. Forbes colleague, senior associate Tracy Tian Belcher said some buyers were more hesitant to buy amid uncertainty about many cuts will be made to Australia's official cash rate across the second half of 2025. Ms Belcher said that even if clients were quite well off, the 13 hikes interest rates across the nation between May 2022 and November 2023 had affected many of them – while reporting on current economic conditions could impact people's emotions. 'Last year, one of my buyers was involved in a six-month long negotiation process for a Toorak home,' Ms Belcher said. Melbourne Sotheby's International Realty managing director Antoinette Nido and colleague Max Ruttner oversaw a $25.6m South Yarra transaction in December. 'Look at me addresses' were important to many recently cashed-up buyers, Ms Nido said. 'What's notable is that a lot of young business people who have made money in IPOs are doing very well,' she said. 'People who you have never heard of will call and when you ask how much they want to spent, it can be $40m to $50m.' Marshall White group sales director John Bongiorno said demand in the Melbourne prestige market's top end had consolidated in the past 12 months as the city's population boomed. 'I think that there are more buyers in the $10m-plus category,' Mr Bongiorno said. 'The amount of people out there with substantial wealth, it's a far bigger than what it was 12 months ago, two years ago, five years ago.' Marshall White handled the $30m-plus sale of a French Provincial-inspired Canterbury house boasting a 16-car showroom, eight bathrooms, a cinema and day spa with a sauna in March, listed by agents Andy Nasr and Marcus Chiminello. Many top-end buyers were taking a long view, prioritising the security, prestige and practicality of homes over price movements, Kay & Burton Stonnington director Darren Lewenberg said. 'These aren't short-term flips, they're generational homes,' Mr Lewenberg said. Many homes that transacted had been fully rebuilt or renovated by architects and interior designers well before being listed. 'Buyers at this level don't want to lift a finger. They want to walk in and start living,' Mr Lewenberg said. Industry Insider Property founder and prestige buyers agent Andrew Date said the surge in off-market deals was one of the most notable shifts in 2024–25. 'Most of the biggest sales never hit the portals. They're done over lunch, through networks, and only involve a few key people,' Mr Date said. 'These homes are so rare, they're not just about location, but land, architectural pedigree, and lifestyle.' Mr Date said prestige demand had also crept further afield especially towards the Mornington Peninsula. Additional reporting by David Bonaddio VICTORIA'S MOST EXPENSIVE HOME SALES, 2024-25 FINANCIAL YEAR Coonac, Toorak Price: $115m-$135m Agents: industry sources linked the off-market sale to Kay & Burton's Ross Savas and Gerald Delany. 2-4 Macquarie Rd, Toorak circa $70m Agent: Forbes Global Properties' Michael Gibson Address withheld, Toorak $40m Agent: Forbes Global Properties' Michael Gibson 38 Monomeath Ave, Canterbury circa $30m+ Agents: Marshall White's Andy Nasr and Marcus Chiminello. 27 St Georges Rd, Toorak circa $29m Agent: Forbes Global Properties director Robert Fletcher 177-181 Walsh St, South Yarra $25.6m Agent: Melbourne Sotheby's International Realty Antoinette Nido and Max Ruttner 5 St Ninians Rd, Brighton $23m Agents: Marshall White's Ben Vieth and Andy Nasr 10 Struan St, Toorak $22m Agents: Marshall White's Marcus Chiminello and Nicole French Address withheld, South Yarra $21.2m Agency: Withheld 12 Lansell Rd, Toorak $21m Agent: Kay & Burton's Gowan Stubbings 7 Gawith Court, Toorak circa $20-22m Agents: Marshall White's Marcus Chiminello and Nicole French 3520 Point Nepean Rd, Sorrento $20m+ Agents: Kay & Burton's Liz Jensen and Gerald Delany 6 Macquarie Rd, Toorak circa $20m Agents: Marshall White's Marcus Chiminello and Nicole French 10 Highgate Hill, Toorak $19.3m Agent: Kay & Burton's Oliver Booth 4 Grant Ave, Toorak $19m Agent: Forbes Global Properties' Mike Gibson 8 Robertson St, Toorak $19m Agent: RT Edgar's Mark Wridgway 3786 Point Nepean Rd, Portsea $19m Agents: RT Edgar's David Gillham and Ilze Moran 11 Berkeley Street, Hawthorn $18,888,999 Agents: Jellis Craig's Perry Zhou and Elsa Li 11 Kent Court, Toorak circa $18m Agents: RT Edgar's Tim Brown and Sarah Case 14 Grandview Grove, Hawthorn East $17.5m Agents: Marshall White's James Tostevin and John Bongiorno 444 Musk Creek Road, Flinders circa $17.5m Agency: Forbes Global Properties Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Leo's Fine Food & Wine Kew sale linked to James Packer Time-capsule house of Aussie artist to the stars for sale Luxe hotel hits market for just $2 — but there's a catch
Herald Sun
14-05-2025
- Business
- Herald Sun
Inside $18m Toorak mansion with infinity pool, wine cellar, rooftop kitchen and bar
Melbourne's newest luxury home has landed in Toorak with an eye-watering price guide, a rooftop bar with city views, and space for a serious car collection. The newly completed home at 12 Yarradale Rd is in one of the well-heeled suburb's most exclusive cul-de-sacs, and comes with a price guide of $17.5m-$18.5m to match its location. A sculptural spiral staircase, rooftop entertaining terrace with panoramic views, and a glass-walled seven-car garage form just part of the offering. RELATED: Surprise Melbourne suburbs tipped for biggest house price rises in 2030 Penthouse gallery comes to Brighton Victoria's $5.4bn choice: level crossings or 20k homes Residents can also enjoy a cinema, cocktail bar, wine cellar and gym with steam room. Kay & Burton's Darren Lewenberg said Point Property Group and Mazzei Luxury Home Builders were behind the incredible, custom-designed address. 'We've had more than 100 groups through already,' Mr Lewenberg said. 'At this end of the market, that kind of volume tells you something; buyers are looking for the complete package, and this one delivers.' Inside, the main living and dining area is served by a showpiece kitchen featuring a stone island bench, Gaggenau appliances, and a full butler's pantry complete with dual VZug ovens and instant boiling or chilled water tap. The entertainment space flows to an outdoor terrace with built-in kitchen and an infinity-edge pool. Upstairs, the main bedroom is framed by a designer dressing room and marble ensuite with a freestanding bath. Three further bedrooms each have their own ensuites, built-in desks and wardrobes, and access to a central retreat, while a fifth bedroom on the ground floor includes its own private courtyard, ideal for guests and extended family. Downstairs, a subterranean cinema with a velvet sunken lounge sits beside a moody marble wine bar and cellar, while the seven-car garage is set up to feel more like a private showroom, visible from the adjoining gym and wellness space. But it's the rooftop level that has caught the most attention from buyers, complete with its own full kitchen, marble bar and barbecue, and sweeping Melbourne CBD views. 'It's very rare to see rooftop entertaining executed at this level, particularly in Toorak,' Mr Lewenberg said. 'There's proper integration between indoor and outdoor zones, and you've got full lift access, so it's functional for everyone.' Mr Lewenberg added that the floorplan had struck a chord with buyers seeking luxury without compromising on liveability. 'It's not just a showpiece,' he said. 'The home's been designed for real families — with zoning, light, storage and scale in all the right places. 'It works just as well for entertaining as it does for day-to-day living.' Additional features include smart-home automation, in-slab hydronic heating, CCTV security, and sheer curtains throughout, with lighting and high-end furnishings also available by separate negotiation. Expressions of interest close at 1pm, May 27. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: PropTrack: See what your suburb will be worth in 2030 Banks in rate cut war to woo borrowers ahead of RBA meeting Melbourne housing affordability crisis prices families out of their own suburbs
News.com.au
23-04-2025
- Business
- News.com.au
Landmark 1851 ‘trophy home' Newtown Brae commands top dollar
A grand Victorian mansion considered one of Geelong's most significant early homes has hit the market for the first time in 20 years. The downsizing owner of Newtown Brae is selling the extraordinary four-bedroom house originally built for former convict turned prominent publican Joseph Lewis at 15 Stephen St, Newtown. The front cottage was constructed in 1851, making it one of the city's oldest surviving homes, with the substantial two-storey Italianate extension designed by notable architect Alexander Hamilton added in 1885. It occupies an elevated 3407sq m block with treetop views across Geelong, the You Yangs and the bay. Kay & Burton agent Peter Kudelka has set price hopes from $6.5m to $6.95m for the property, calling for expressions of interest by May 27. If it achieves this price, the landmark home would eclipse the suburb record set by fellow 19th century mansion Raith. Mr Kudelka said he expected strong interest in the 'trophy property' as so few of similar calibre existed. 'It was built in 1851 and renovated and extended in 1885 by a guy called Alexander Hamilton who is quite famous in the area,' he said. 'It has been in this family for 20 years and they are just at the stage now where they are scaling down.' He said the owners had made sympathetic improvements to the heritage-listed home but there was still scope for new owners to make further changes internally. 'They added the front veranda in the early stages and they have just done some renovation work internally to bring it up to speed,' he said. 'Downstairs, for example, could be fully self-contained. It's got a little kitchenette, a bedroom and a living room so it gives you that flexibility but it's actually a comfortable family home.' The bluestone lower level is also home to a library and a rustic cellar, a stark contrast from the stately reception rooms upstairs which display original decorative features such as marble fireplaces, ceiling roses, plasterwork and crystal chandeliers. Mr Kudelka said two old posts on the expansive back lawn once held the net for a tennis court that could be reinstated. Newtown Brae's original owner Joseph Lewis was transported to Van Diemen's Land for counterfeit offences and later became a successful publican in Geelong at the Shearer's Arms, Royal Mail and Victoria hotels. When he advertised the three-bedroom cottage, then known as Woolmers, for rent in 1852, it was set on 1.6ha of garden with 400 fruit trees, vines and a gardener's house. The Victorian Heritage Database citation shows Western District grazier James Alexander acquired the property in 1884, changing its name and engaging Colac architect Alexander Hamilton to extend it.
News.com.au
23-04-2025
- Business
- News.com.au
Mount Martha beach box sells for $1m at hotly contested two-hour auction
A Mount Martha beach box's new owner has splashed a massive $1m to secure the shack, setting what is believed to be a new Victorian record outside of Portsea. The 26 South Beach address sold for six figures above its $650,000-$700,000 asking range in a boardroom auction that lasted about two hours. Danckert Real Estate director Alex Corradi said although there were occasional reports that beach boxes at nearby Portsea had changed hands for $1m, nothing official had ever been confirmed. 43 Aussie suburbs where you can buy a home for under $400k Last year a Portsea boat shed featuring a small kitchenette did sell for $950,000, with the listing held by Kay & Burton director Liz Jensen. Also in 2024, a Blairgowrie boat shed fetched $900,000 in a campaign managed by Belle Property Blairgowrie's Mal McInnes. Mr Corradi said the Mount Martha beach box was sought after because it was on a private and protected part of the sand – close to houses worth $20m or so that sit above that particular shoreline stretch. 'The further south you go on South Beach, the more expensive they (beach boxes) tend to be,' Mr Corradi said. Although his phone was 'running hot' after the listing went up last week, he was surprised by the final sale price. 'We had to two bidders who wanted it at that price point who kept going,' he said. 'It's really exciting to see how beach boxes are becoming an extension of people's luxury homes, that sit at that end of the beach.' No kitchen, no toilet but could this $490k church be your next home? The beach box's new owner is a Mornington Peninsula local. Mr Corradi said that Mount Martha was fast becoming 'the new Portsea' as more people moved there, attracted by its proximity to Melbourne and amenities such as shops and cafes. 'A lot of people from Portsea and Sorrento have been moving to Mount Martha in the past three or four years.' he said. Mornington Peninsula Beach Box Association president Peter Clarke said that most of the boxes sold for between $300,000 to $500,000. 'Anything above the half a million mark is seen as a very good outcome and a sort of outlier,' Mr Clarke said. He said beach box buyers did not purchase the shacks as property investments but rather a handy spot to keep water-related equipment. Although beach boxes were often passed down through families, nowadays it was becoming more common for them to be listed for sale, Mr Clarke added. Beach boxes are usually located on council or government-owned land and owners are issued with a license to use them. And sleeping overnight in a Victorian beach box is against the law.
