Melbourne’s Most Expensive Home
3 min read
2023 has been an interesting year so far. The past twelve months saw a drop in the property market thanks to an increase in interest rates. But it seems the luxury market has been insulated by these changes that have impacted the rest of the market.
Melbourne’s most expensive home sales in 2023
Just this week, Ron Walker’s mansion was listed for $55M-$60M and has been sold for an undisclosed price, however the AFR reports there were multiple offers made so it looks like the range was right. This makes the property the most expensive sold in Melbourne for 2023.
Mr Melbourne’s Albany Road mansion. Image credit: AFR.
Last year crypto magnate Edward Craven purchased the so-called Ghost House at 29-31 St Georges Road, Toorak of $80M, breaking the record for the most expensive property ever transacted. The house has been incomplete and uninhabited since 1991.
29-31 St Georges Road. Image credit: Marshall White.
And keep a look out for Avon Court, where Anna Egorova and Michael Egorov purchased two properties side by side for a total of $59M.
Verona, Toorak. Image: AFR.
Avon Court, Toorak. Image: AFR.
In 2022, one of the next biggest sales was Blair House, which sold for $74.5M. The buyer of this is unknown.
Blair House. Image: Marshall White.
And one beautiful property that just hit the market with a range of $37M-$40M is Shrublands, 16 Balwyn Road, Canterbury after it transacted just 2 years ago. Listed by Kay & Burton.
Shrublands. Image: Kay & Burton.
In 202, a Toorak mansion at 47 Lansell Road took the spot for most expensive home ever sold at auction. The range was an eye-watering $40M-$44M and it got me thinking is this Melbourne’s best?
The $52.5M sale of Stonington Mansion eclipsed the next best recorded price of $40M. The Stonington vendor Rod Menzies paid a record price of $18M in 2007 when the market was booming. Reports also say that he tried to sell it for $10M in 2010 when we were going through the GFC, whether that is true or not, I bet he is glad that he didn’t.
The recent sale represents a 10% plus growth for each year that he has held the property. Which is phenomenal and shows there is great strength in the top end.
But is Stonington the best of the best? Being a property afficionado, I’ve always wondered who holds the title for most expensive property in Victoria?
There are three that spring to mind:
The Pratts gigantic estate on Studley Park Hill, is estimated to be worth over $100M.
Image credit Herald Sun.
The Gandel’s Toorak mansion, is estimated at $70M.
Image credit: AFR.
Or my personal favourite, Paul Little’s 11,000 sqm largest Toorak holding; Coonac Manor.
Image credit Domain.
The prices of the above three homes are all speculative as there wouldn’t be too many buyers out there for any of them. My tip is they would all be more expensive than Stonington, with some people estimating that they could even hit 9 figures.
My tip for the most expensive home would be Little’s Coonac Manor. If we compare land size to the Stonington sale price, it would easily top $100Mil.
Stonington which is on 5000sqm was sold at $10,500 per sqm. If we use the same per sqm rate as Stonington, then Coonac would be worth $115,500,000!!!
Something to strive for this new year!
Stonington image credit Menzies.