What is the Most Expensive House in Melbourne?

CEO Khai Intela
Melbourne, the vibrant capital of Victoria, is not only famous for its culture, food, and coffee but also for its prestigious real estate market. While Sydney may be known for its sky-high property prices, Melbourne...

Melbourne, the vibrant capital of Victoria, is not only famous for its culture, food, and coffee but also for its prestigious real estate market. While Sydney may be known for its sky-high property prices, Melbourne is not far behind. In this article, we'll explore the most expensive houses in Melbourne, giving you a glimpse into the luxurious lifestyle that some are fortunate enough to enjoy.

Melbourne's Eastern Suburbs - Home to Prestige

Toorak, located in Melbourne's eastern suburbs, is synonymous with luxury and opulence. It has long been known as the epicenter of wealth and prestige in Australia. With a median house price of about $5 million and units and apartments averaging around $1 million, Toorak remains the go-to destination for affluent homeowners.

Antoinette Sagaria - Image by Entourage Antoinette Sagaria - Image by Entourage

According to Antoinette Sagaria, a luxury buyer's advocate and director of property at Entourage, the top end of Melbourne homes has reached staggering heights in recent years. The very pinnacle of Melbourne's real estate market is now hovering around the $40 million mark. However, beyond these exclusive properties lies a treasure trove of iconic, ultra-luxurious trophy homes, many of which have remained within families for generations, untouched by the market.

"Properties like Cranlana, owned by the Myer family, and Coonac Estate, owned by Paul Little, would likely be valued at more than $100 million dollars," says Ms. Sagaria. These homes, tucked away in the prestigious suburb of Toorak, carry a sense of history, uniqueness, and timeless charm.

Determining Value: Balancing Objective and Emotional Factors

Valuing these exquisite properties can be a challenging task. While objective factors like recent sales and market trends play a role, the emotional appeal and aesthetic preferences of individual buyers also come into play. "A house is only worth what someone is willing to pay," Ms. Sagaria points out. Determining the value of a trophy property involves extensive consideration and lengthy discussions to strike the delicate balance between objective and emotional value.

802 Orrong Road in Toorak - Image by Marshall White - Stonnington 802 Orrong Road in Toorak - Image by Marshall White - Stonnington

Despite recent market fluctuations, the top end of Melbourne's real estate market remains resilient. The exclusive nature of these properties attracts a small pool of discerning buyers, including well-heeled individuals and family groups. Moreover, the allure extends beyond domestic borders, with significant interest from international buyers who are less affected by the Australian economy.

Unveiling Melbourne's Most Expensive Homes

Let's take a closer look at some of the most remarkable sales in Melbourne's recent history:

2022: 802 Orrong Road, Toorak

802 Orrong Road in Toorak - Image by Marshall White - Stonnington Image - 802 Orrong Road in Toorak

In early 2022, 802 Orrong Road in Toorak claimed the title of Melbourne's most expensive home. The lavish property sold for a staggering $38.5 million, making it the third-highest recorded sale in Melbourne and Victoria. Situated on a generous 1995 square meters of land, the house boasts four bedrooms, four bathrooms, and a three-car garage.

2021: 47 Lansell Road, Toorak

47 Lansell Rd - Image by realestate.com.au 47 Lansell Rd - Image by realestate.com.au

In 2021, 47 Lansell Road in Toorak stole the spotlight, selling for an impressive $43.1 million. This exclusive property, owned by British businessman Mark Healey and his wife Kelly, offers five bedrooms, three kitchens, a cinema room, a massage room, and a six-car garage. Set on a sprawling 3,300 square meters, the house underwent extensive renovations during the Healey's six-year residency.

2020: Morning Star, Mount Eliza

Morning Star - Image by Domain Morning Star - Image by Domain

In 2020, amid a year of seeking a different lifestyle away from the city, Mount Eliza proved that being close to Melbourne's CBD doesn't always equate to higher property values. Morning Star, a magnificent property located along the Mornington Peninsula, sold for around $40 million. Spanning an impressive 62.97 hectares, the estate features a 19th-century mansion with five bedrooms, a vineyard, a wedding venue, a restaurant, conference facilities, and even a helipad.

These are just a few examples of the opulent properties that grace Melbourne's real estate market. From historic mansions to contemporary penthouses, the city offers a diverse range of luxury homes that cater to the most discerning buyers.

So, the next time you find yourself wandering the streets of Melbourne, take a moment to imagine the life of luxury that lies behind the grand facades of these remarkable properties.

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