- Asking house prices in Melbourne remain above $1 million
- Many of Melbourne's most expensive homes may never come to market
- One of Melbourne's most expensive homes several years ago was a penthouse in Southbank
While Sydney is known as being home to the most expensive property in Australia – especially along the harbour – Melbourne is not far behind.
Asking prices in the Victorian capital remain well above $1 million for all houses, despite the recent decline, according to SQM Research.
Greater Melbourne
Melbourne’s eastern suburbs – especially Toorak – continue to be home to some of the most expensive property in Australia.
Melbourne luxury market most resilient in Australia
Updated: 02/02/2023
The Herron Todd White month in review report has found Melbourne to be the most resilient prestige property market, with both international and domestic demand playing off scarcity to create some intense competition.
“The luxury upper end of the property market of $10 millio nand above remained strong and this upper end has ocntinued to outperform the broader property markets.”
Herron Todd White Month in Review November 2022
It was hard to compete with 2021, though, the report recalled luxury homes above $10 million saw a near doubling of sales numbers to 100. The third Covid year had a slow start, but the report noted trophy homes were still flying off the shelves.
So, what is the most expensive home in Melbourne?
Toorak has a median house price of about $5 million, with $1 million for units and apartments. But is this where the most expensive home in Melbourne is located?
Antoinette Sagaria, a luxury buyer’s advocate and director of property at Entourage noted that over the past five years, the very top end of Melbourne homes is circa $40 million.
Outside of these homes are many iconic, ultra luxury trophy homes that have been owned in one family for generations and thus not tested by the market.
Ms Sagaria believes while it is difficult to assess their value, these homes are probably the most expensive in Melbourne, and many of them are located in Toorak.
“Properties like Cranlana owned by the Myer family would presumably be worth in excess of $100 million dollars,” said Ms Sagaria.
“Similarly and coincidently on the same street in Toorak, Coonac Estate owned by Paul Little would likely be a $100 million dollar proposition or more.”
She added Raheen (main image), owned by the Pratt Family of Visy fame, is another property that could be seen as priceless due to their history and uniqueness.
“However on the flipside a house is only worth what someone is willing to pay,” she said.
“There will always be a ‘floor value’ that we can calculate based on other sales and the general market sentiment but when we’re considering the trophy status, emotional value, and simply the aesthetic appeal to the specific prospective buyer, then the sky’s the limit to some degree.
Antoinette Sagaria, Entourage
“It takes extensive consideration and lengthy discussions, sometimes over many months to advise clients at this level as we critically must balance objective value with emotional value, and the difference can be millions of dollars.”
Despite the recent market decline, Ms Sagaria is confident the very top end of the market is unlikely to be affected, and there is a small pool of well-heeled individuals and family groups seeking trophy properties.
“There has been significant interest in trophy properties and the luxury market from international buyers also, and therefore the Australian economy becomes even less of a factor,” she added.
In light of this, The Property Tribune has dug through the archives and uncovered the best selling homes each year since 2013.
Melbourne’s most expensive house in 2022
Updated 02/02/2023
802 Orrong Road, Toorak
The home was reportedly sold for $38.5 million in early 2022. Herron Todd White noted it was the third highest amount paid for a Melbourne and Victorian home on record.
According to The Property Tribune, 2021 coincidentally saw the second highest ever amount paid for a home at over $40 million.
The 1940s Toorak property sits on a generous 1995 square metres of land and comprises four bedrooms, four bathrooms, and a three car space garage.
Melbourne’s most expensive home for 2022 also comes with every amenity expected of a prestige property: tennis court, swimming pool, and lush, manicured gardens – and of course very European styling.
One of the world’s most livable cities and indeed coolest also saw some venerable runners-up.
Among the stars that Herron Todd White highlighted, an apartment on the 73rd floor of Melbourne’s iconic Eureka Tower was sold in April last year for a cool $6,999,999 – we’ll call it what it was as $7 million before transaction costs.
The 7301/7 Riverside Quay is a relatively palatial four-bedroom, four-bathroom apartment with panoramic views of the Yarra River, Port Phillip Bay and Queenscliff.
If you want the best apartment in Melbourne, though, that accolade might have to go to penthouse apartments 6701 and 6702 18 Hoff Boulevard also on Southbank.
They offer 360-degree views with 1,185 square meters of floor area across the two levels. Curiously, and indeed preferably for some, the apartment is being sold as an empty shell, ready for the owners-to-be to curate as they please. The property is going for $23 million, and buyers will also receive a $1 million renovation package from Coco Republic.
Melbourne saw also homes sold for eight figures in its south east, including 2/636 Nepean Highway in Frankston South, changing hands for $11 million later in 2022, 31 Pardalote Rise in Red Hill sold for $13.25 million in April 2022, and Herron Todd White noted 6 Wilson Street in Brighton currently listed with a price guide of between $13 million and $14 million.
Melbourne’s most expensive house in 2021
47 Lansell Road, Toorak
Located in the exclusive eastern suburb of Toorak, this house on Lansell Road sold for $43.1 million in 2021 having been owned by British businessman Mark Healey and his wife Kelly.
Mr Healey’s father, Eddie Healey, was famous for building and selling the Meadowhall Shopping Centre in Sheffield, UK, making him a billionaire. The current owner is believed to be Sam Gance, the owner of the Chemist Warehouse discount pharmacy chain.
It is the second most expensive property transaction ever recorded in Victoria.
The 3,300 sqm property has five bedrooms, three kitchens, a cinema room, a massage room and a six-car garage. It is believed the Healey’s spent over $10 million on renovating the house during their six-year residency.
Melbourne’s most expensive house in 2020
Morning Star, Mount Eliza
The most expensive home sold in Melbourne during 2020 shows being close to the city doesn’t necessarily mean your property is worth more.
In a year where many sought a lifestyle out of the city, and Melbourne became one of the most lockdown-ed cities in the world, a property in Mount Eliza was the year’s top seller.
Located about 42 kilometres south east of Melbourne’s CBD along the Mornington Peninsula, Morning Star sold for around $40 million. Mario Verrocchi, the co-owner of My Chemist Retail Group, acquired the property following a three-month international sales campaign.
The 62.97 hectare property features an 1860s five-bedroom mansion originally built for an ultra-wealthy Londoner. The asset also includes a 12 hectare vineyard, a wedding venue, restaurant and conference facilities. In terms of transport, it even includes a helipad.
Melbourne’s most expensive house in 2019
3 Heyington Place, Toorak
In late 2019, 3 Heyington Place in Toorak – known as Palmilla – became the most expensive sale in Melbourne, selling for $23 million.
The six-bedroom 1930s mansion had been recently renovated and has a pool, tennis court and 10-car basement garage. Notably, the final sold price was significantly discounted from the original $27 to $29.5 million price guide.
The house was owned by John Zeigler, the retired Asia Pacific chairman of DDB, an ad agency. The Zieglers paid $3.4 million for the home back in 2022.
Melbourne’s most expensive house in 2018
336 Glenferrie Road, Malvern
The most expensive house sold in Melbourne in 2018 was the Stonington mansion, sold by art dealer Rod Menzies for $52.5 million.
The sale occurred ten years after the former government house was controversially transferred into private hands for $17.5 million.
The 1.3-hectare site consists of a six-bedroom mansion and gatehouse, and was acquired by an undisclosed Chinese buyer.
Melbourne’s most expensive house in 2017
18 St Georges Road, Toorak
A six-bedroom mansion in, unsurprisingly, Toorak was home to the most expensive Melbourne home in 2017, selling for $40 million.
A foreign buyer purchased the 1920s Mowbray six-bedroom mansion which is located on a 5,000 sqm block. Along with the final sale price, the Chinese buyer also had to pay $8.5 million in government fees, including 12.5% stamp duty. The property was previously owned by former Mirvac director Marina Darling and her husband Anthony.
Not much is known publicly about the house internally, however, a fire occurred at the rear of the house a few years before the sale and had reportedly been left in the same condition since then.
Melbourne’s most expensive house in 2016
9 Towers Rd, Toorak
A brand-new Toorak mansion was the most expensive house sold in 2016, with 9 Towers Road selling for $26 million.
The property was sold just five days before Christmas with several local families all competing for the property. Despite the competition, the four-bedroom mansion sold below its original price expectation of $30 million.
The property was owned by Daniel and Danielle Besen, the son of Marc and Eva Besen, who built the Sussan Group fashion chain, and have stakes in several Melbourne shopping centres.
Melbourne’s most expensive home in 2015
Apartment at 108 Australia, Southbank
Unlike other properties on this list, the most expensive home sold in 2015 was a penthouse on the 100th floor of the southern hemisphere’s tallest building, Australia 108.
Spread across 750 sqm, the four-bedroom penthouse has its own glass-encased elevator and foyer and 360 degree city, ocean and mountain views. It was purchased off-the-plan for $25 million, equating to over $33,000 per square metre.
It was purchased by an undisclosed Chinese buyer, and was listed for sale late last year with no further updates since.
Melbourne’s most expensive home in 2014
14 St Georges Road, Toorak
Toorak was once again home to the most expensive house sale in Melbourne, with 14 Georges Road selling for $23.3 million. The sale comes after the property was sold for $4.1 million in April 1999. The earliest data available shows the property was bought in March 1978 for $345,000.
The property was acquired off-market by yoghurt entrepreneur David Prior after selling his business five:AM to UK-based PZ Cussons for $80 million.
The previous owner was restaurant mogul Christopher Lucas. Not much known is about the inside of the house, due to the sale being off-market.
Melbourne’s most expensive home in 2013
1 Towers Road, Toorak
A six-bedroom, seven-bathroom Georgian-style mansion in Toorak was sold in June 2013 for $21.5 million, almost doubling its previous sale price of $11.1 million in June 2001.
Despite being the top sale of the year, the final sale price sold below price expectations between $26 million and $30 million, and took almost two years to sell given it was listed in October 2011.
While the buyer is not known publicly, they were a local buyer.
The 42,000 square foot estate features a grand central atrium with a range of sitting and dining rooms. The outdoor pool has a pool house, sauna and steam room, and is near a floodlit tennis court, just to name a few of the features.
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To find out more about the most expensive houses in the other capital cities, check out the below:
What is The Most Expensive House In Sydney?
