Politician Sir William Charles Angliss’ family sold this Rowsley compound for $80m — this financial year’s top residential sale.
Victoria’s ultra-wealthy have shrugged off a cost-of-living crisis to splash eye-watering sums from $40m-$80m on homes across the state in the past 12 months.
Newly-minted tech entrepreneurs and cryptocurrency millionaires are squaring off with super-rich internationals to buy some of the most illustrious addresses available, where features go from pools and tennis court you’d expect through to indoor basketball courts and speak-easy bars.
But from business tycoons to billionaires, many of the people selling have watched their hopes for even bigger deals dashed as some of the city’s most expensive residences have sold for millions less than initially hoped for – despite industry claims the top end remained “robust”.
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Whisky baron and businessman David Prior let go of his five-bedroom house at 14 St Georges Rd in February for about $40m, but it was initially listed with $46m-$50m price hopes.
And the family of late billionaire and horseracing identity David Hains’ Toorak mansion also sold for about the same price, despite a $40m-$45m price tag when the mansion was first listed.
The biggest deal recorded for the financial year was the $80m sale of a country estate owned by the family of the late Sir William Angliss.
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This lavish 148-year-old compound in Rowsley near Bacchus Marsh was held by the family of prominent businessman and politician, the late Sir William Charles Angliss for 90 years before it was sold for $80m.
This St Georges Rd, Toorak, mansion was offloaded by whisky baron David Prior in September 2023.
Kay & Burton director Andrew Sahhar, who has sold several properties for more than $20m in the past year, said Melbourne’s luxury residential market had maintained robust momentum in the past 12 months.
“Demand and prices have soared thanks to both domestic and international buyers competing for premium properties amid a persistent stock shortage of luxury homes,” Mr Sahhar said.
“New demographics of buyers, particularly from the tech and crypto sectors, have injected fresh dynamism into the local market.”
He added that there was also rising demand for “house-sized” apartments, reflecting a preference for low-maintenance lifestyles.
This 10-bedroom Albany Rd, Toorak, manor was owned by late billionaire David Hains.
It’s understood that Melbourne’s wealthy Zagame family quietly sold this Toorak mansion, designed by famed chef Shannon Bennett.
Mr Sahhar said across the Stonnington area, he’d seen a resurgence of generational estates changing hands.
“These historic homes often concluded with multiple parties vying to be the next custodians which shows just how strong the appetite in the $20m-plus segment is,” he said.
Marshall White chief executive Simon Jovanovic said there was strong interest from local buyers looking for generational family homes.
He said there had been a big change in the top end of the market over the past couple of years as buyers saw value in Melbourne prestige real estate.
“We are regularly seeing transactions north of $20m, $30m (and) $40m which reflects the quality of the property that we have on offer and also the depth of buyers in the market,” Mr Jovanovic said.
National Tiles founder Frank Walker and his wife Rhonda sold this Clendon Rd, Toorak, pad after their daughter Amy Spargo restored the house.
The clifftop residence “Rovina” has expansive views over Weeroona Bay in Portsea and was designed by architect Geoffrey Sommers in the early 1960s.
Forbes Global Properties director Robert Fletcher said while the upper end of the market remained positive, there was a shortage in available land to build new residences on as well as larger homes with tennis courts available in Toorak.
Mr Fletcher added that Forbes’ European partners had also reported interaction from Australian buyers looking to purchase property in Greece, Cyprus, Italy, UK and Portugal.
The palatial manor “La Verna” was sold days before Christmas 2023 and was built in about 1888 on Sackville St, Kew.
This mammoth Ottawa Rd, Toorak, home was built in the 1930s and has a garden designed by famed landscaper Jack Merlo.
Morrell and Koren buyers advocate Matthew Cleverdon said the top-end market continued to be a world where privacy was often just as important as the sale price.
“As the world enters some challenging times, people look to return to the top end of town in Australia with expats returning in numbers,” Mr Cleverdon said.
The family behind Bevilles jewellery sold this Wherndside Ave, Toorak, abode in November.
This five-bedroom house in Hopeton Rd, Toorak, has a four-car garage, pool and tennis court.
On the Mornington Peninsula, Kay & Burton Portsea director Liz Jensen said she’d seen an influx of buyer’s who had more recently come into fortune, looking at and purchasing Sorrento and Portsea’s clifftop properties that rarely changed hands.
Ms Jensen said the past six months had been “way more buoyant” than usual with more generational homes listed following recent land tax hikes, giving newly cashed-up buyers more choice.
Real Estate Institute of Victoria senior vice president Sam Hatzistamatis said a number of “smaller homes” in the top 20 biggest sales list this year had also been noteworthy, as four- and five-bedroom residences caught up to the previously more popular six-bedroom mansions.
TOP 20 RESIDENTIAL SALES FY24 ACROSS VICTORIA
Rank. Address – Price
1. 565 Glenmore Rd, Rowsley – $80m
2. 14 St Georges Rd, Toorak – about $40m
3. 35-39 Albany Road, Toorak – about $40m
4. 43 Lansell Rd, Toorak – about $31m
5. 50 Clendon Rd, Toorak – $23.351m
6. 3808 Point Nepean Rd, Portsea – $23.23m
7. 39 Sackville St, Kew – $22.5m
8. 9 Ottawa Rd, Toorak – $21.25m
9. 11 Whernside Ave, Toorak – $21m+
10. 2 Hopetoun Rd, Toorak – about $21m
11. 4445 Frankston-Flinders Rd, Flinders – $20.5m
12. 17 Balmerino Ave, Toorak – $20m
13. 35 Harcourt St, Hawthorn East – about $20m
14. 111 Sackville St, Kew – $19.18m
15. 9 St James Place, Toorak – $19m
16. 25 Hopetoun Rd, Toorak – $18.68m
17. 22 Stonnington Place, Toorak – about $18.5m
18. 37 Mary St, Hawthorn – $18.15m+
19. 4 Bromley Court, Toorak – $18m
20. 257 St Kilda St, Brighton – about $18m
Sources: agencies, PropTrack, CoreLogic, industry sources
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