Prestige Property: 7 Towers Road, Toorak, Melbourne, VIC
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Prestige Property: 7 Towers Road, Toorak, Melbourne, VIC

A prized, north-facing pile in Melbourne’s most sought-after suburb.

By Terry Christodoulou
Fri, Mar 26, 2021 9:05amGrey Clock < 1 min

Set in the elite enclave of Toorak is this magnificent family residence.

Offering 5-bedrooms, 5-bathrooms and a 6-car garage, the home is one of a select few properties on Towers Road to boast a north-facing rear.

The elegant manse sees a heady combination of soaring ceiling heights, stone and parquetry floors (with underfloor heating) delivered with the highest levels of craftsmanship throughout.

The impressive hall leads past an opulently fitted executive study and through to the elegantly appointed formal living and dining rooms. From here, one can access the casual living area and kitchen – the latter fitted with Gaggenau, Ilve, and Miele appliances, stone benchtops and walk-in pantry – overlooking the tennis court and swimming pool.

Glass doors provide an effortless transition from living to outdoor areas – a true entertainer’s dream – with the residence enjoying low-maintenance gardens designed by Paul Bangay and access to the aforementioned resort-like facilities.

The ground floor also boasts a self-contained guest room with ensuite and private front garden entrance.

Guided by a handcrafted marble staircase, one arrives at the master bedroom with a luxuriously appointed ensuite and expansive walk-in wardrobe. Three additional bedrooms – one with ensuite, the other two sharing a bathroom – are also found here.

The semi-basement sees a full bathroom – servicing the pool, home theatre, adjoining gym, communications room and fitted cellar. Further, another kitchen and home theatre is found here alongside a capacious garage for all the essentials.

The exclusive residence is close to Toorak Village, leading schools, transport, freeway access and the Yarra River.

The listing is with Kay & Burton’s Ross Savas (+61 418 322 994) and Michael Gibson (+61 418 530 392). Price guide $22-$24 million.

Kayburton.com.au

This article originally appeared on the Robb Report Australia & New Zealand.

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

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