Melbourne mansion sales inked as positivity returns to housing market
A series of multimillion-dollar mansion sales have been inked across Melbourne’s blue-chip suburbs, as agents and buyer’s advocates declare positivity has returned to the market.
Two huge apartments have also changed hands for eight-figure sums — and more big transactions could be on the way, especially come the spring selling season.
Top-end buyer’s advocate David Morrell said “all the markers (were) there for a good spring”, with more bidders turning up at auctions and an increasing number of properties flying past reserve.
“We’ve probably seen the bottom of the market,” Mr Morrell said.
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With the renewed positivity have come substantial sales, with businessman Greg Hargrave notably offloading his 19th-floor sky mansion at 35 Spring St for about $14.5 million, after it had lingered on the market for almost eight months.
The price was double the $7,949,728 sum Mr Hargrave paid for the then-empty shell in 2013, CoreLogic records show.
Title documents name hospitality bigwig and former Inflation nightclub owner Fab Ippoliti as the buyer, showing he placed a caveat over the property late last month.
Marshall White selling agent Richard Mackinnon said there had been “more spring in buyers’ steps” since lending requirements were loosened and the election wrapped up.
Property developer Elias Jreissati also finally sold his extravagant penthouse for $16 million, obliterating Port Melbourne’s residential price record by almost $9 million.
Former president and chief executive of US broadcast companies Fox Television and Crown Media Holdings, David Evans, also recently earned about $11 million for his 1930s Toorak mansion at 4 Heyington Place.
Evans, who was also Channel 9 chief executive in the ‘80s, paid $4.37 million for the property in 2003.
Kay & Burton chairman Gerald Delany, who inked the deal, forecast a “positive spring”.
And a rare towered Victorian at 78 Clendon Rd, Toorak sold for more than $7 million at private auction last month.
Kay & Burton’s Daniel Bradd remained tight lipped about the deal, but said the Reserve Bank’s interest rate cut and a shortage of quality homes on the market had contributed to the boost in demand for top-end Melbourne property.
Brighton vendors at 8 Black St and 32 Cosham St have also bagged big sales worth about $12 million and $8.01 million respectively.
Vendor advocate Frank Valentic said a buyer from China secured the latter — a “quality” coastal-style house near top schools.
“Their kids go to Brighton Grammar, so it was a very, very appealing for them to have the school at the end of the road,” the Advantage Property Consulting director said.
Balwyn North’s $7 million house price record was beaten by a mansion packed with lavish features including two infinity pools, a massage station, games arcade and 25-seat cinema.
The eight-bedroom, nine-bathroom pad at 8 Agnes Ave was sold to a buyer from Asia with all its contents — including more than $1 million worth of furnishings, home automation and gaming equipment, plus $40,000 of booze.
In Kew, a modern three-storey abode at 4 Bramley Court achieved more than $7 million last week.
Marshall White selling agent Désirée Wakim said the Liberal Party’s retention of power had been “a breath of fresh air” for the market, while a lack of available housing stock had also fostered competition for quality properties.
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-191/85 Rouse St, Port Melbourne: $16 million (sold by RT Edgar)
-19th floor apartment, 35 Spring St: about $14.5m (Marshall White)
-8 Black St, Brighton: about $12m (Buxton)
-4 Heyington Place, Toorak: about $11m (Kay & Burton)
-32 Cosham St, Brighton: $8.01m (MW, Advantage Property Consulting)
-78 Clendon Rd, Toorak: more than $7m (K&B)
-4 Bramley Court, Kew: more than $7m (MW)
-8 Agnes Ave, Balwyn North: more than $7m (Ray White)