2023 has been a fascinating year so far for the property market in Melbourne. Despite a drop in the overall market due to increasing interest rates, the luxury segment appears to have remained insulated from these changes. One standout property that has captured attention is Ron Walker's mansion, recently listed for $55M-$60M. While the exact sale price remains undisclosed, multiple offers were made, indicating that the estimated range was accurate. This makes it the most expensive property sold in Melbourne in 2023.
It's worth noting that last year, the record for the most expensive property ever transacted was broken by crypto magnate Edward Craven. He purchased the unfinished and uninhabited Ghost House at 29-31 St Georges Road, Toorak, for a staggering $80M. This year, another noteworthy purchase was made by Anna Egorova and Michael Egorov, who acquired two adjacent properties at Avon Court in Toorak for a total of $59M.
Among the notable sales in 2022 was Blair House, which changed hands for $74.5M. The buyer's identity remains unknown. Another property attracting attention is Shrublands at 16 Balwyn Road, Canterbury. Listed by Kay & Burton, it was initially sold just two years ago and is now on the market for a range of $37M-$40M.
While these sales are impressive, they are eclipsed by the $52.5M transaction of Stonington Mansion. The owner, Rod Menzies, purchased the property for $18M in 2007, demonstrating remarkable growth and resilience in the top-end market. However, it's worth pondering whether Stonington truly represents the pinnacle of luxury in Melbourne.
Among the contenders for the title of the most expensive property in Victoria are the Pratts' colossal estate on Studley Park Hill, estimated to be worth over $100M, and Gandel's mansion in Toorak, which carries a price tag of about $70M. But my personal favorite is Paul Little's Coonac Manor, the largest holding in Toorak at 11,000 square meters.
While the exact prices of these properties remain speculative, it is likely that they far exceed the sale price of Stonington. Some estimates even suggest that they could reach nine figures. Based on land size alone, Little's Coonac Manor could easily surpass $100M. If we apply the same price per square meter as the Stonington sale, it would equate to an astonishing $115,500,000.
As we embark on this new year, these remarkable transactions serve as a reminder of the allure and ambition within the luxury real estate market. Who knows what other extraordinary properties and sales await us?
By Damien Roylance Image credit: Menzies