Xem thêm

The Top 10 Most Expensive Melbourne Properties Sold Last Financial Year

CEO Khai Intela
The real estate market in Melbourne experienced a remarkable surge in the last financial year, despite the challenging times brought about by the COVID-19 pandemic. While property prices have since cooled down due to the...

The real estate market in Melbourne experienced a remarkable surge in the last financial year, despite the challenging times brought about by the COVID-19 pandemic. While property prices have since cooled down due to the cost-of-living crisis, some of Australia's wealthiest individuals continued to invest in record-breaking multi-million-dollar properties. Let's take a closer look at the top 10 most expensive Melbourne properties sold during this period.

Awe-inspiring Mansion in Toorak

Melbourne Melbourne

Topping the list is 29-31 St Georges Road, Toorak, which claimed the highest price ever paid for a home in Victoria and the third highest property sale in all of Australia. This magnificent French Renaissance-style mansion, situated on a sprawling 7113-square-meter block, fetched a staggering $88 million. Interestingly, it was initially purchased for a mere $5 million in 1991 by a 26-year-old cryptocurrency casino founder. The property was described as an "unfinished mansion" with 19 bedrooms and a captivating allure.

"Blair House" - A Georgian Revival Gem

In second place is "Blair House" at 17 St George's Road, Toorak. This expansive solid brick Georgian Revival residence, set amidst 7,800 sqm of botanic parklands, was sold for an impressive $74.5 million in August last year. With 10 bedrooms and 7 bathrooms, this house exceeded the price benchmark of $52.5 million, reflecting the strong demand in the high-end property market.

Toorak Dominates the List

Melbourne3

Toorak, Victoria's most exclusive and affluent suburb, appeared six times on the top 10 list. Unsurprisingly, the suburb boasts a median house price of around $5 million, making it a sought-after location for luxury properties. However, other prominent Melbourne suburbs like Armadale, Red Hill South, and Flinders also secured spots on the list.

What Drives Record Prices in Melbourne's High-End Property Market?

Melbourne4

Melbourne's high-end property market experienced strong demand throughout the 2021-22 financial year, and this trend continues to date, with seven- and eight-figure properties being sold both on and off the market. Despite a decrease in demand compared to the previous year, properties of exceptional quality will always attract buyers. Cameron Kusher, an economist at PropTrack, predicts that premium properties will retain their appeal, even as Melbourne's property price growth slows down.

According to Ray White senior economist Nerida Conisbee, the luxury property market across Australia remains positive, despite a general market slowdown. Luxury suburbs with limited available land will continue to pose challenges for those seeking to purchase a home within them. However, the allure of beautiful properties and the wealth of potential buyers ensure a vibrant market.

A Final Note on Property Investment

While it is intriguing to read about the top 10 highest property sales, it is essential to remember that these might not necessarily be the suburbs to invest in. At Metropole, we always emphasize the significance of investment-grade properties and locations, rather than chasing hotspots or growth areas. Our advice is to focus on areas and properties that hold their value over the long term, rather than relying solely on short-term demand.

Before looking for the right location, it is crucial to have a Strategic Property Plan in place to navigate the upcoming challenges in the property market. Property investing is a process, not an event, and it is important to follow the right order of steps. Selecting the location and the right property in that location is the final step in the process, as what constitutes a great investment property for one person may not suit another's investment needs.

1