Brand-New Oceanfront Mansion On Victoria's Coast Is A ‘Modern-Day Masterpiece’

LISTING OF THE DAY

Location: Flinders, Victoria, Australia

Price: $30 million

Dubbed “Horizon,” this recently completed five-bedroom mansion is perched on a dramatic cliff edge on Australia’s Mornington Peninsula near Flinders township, about 72 kilometres south of Melbourne.

In 2015, the family of legendary Australian rules football coach Jock McHale put the property, which includes a 1920s homestead called Pinnacle Park, up for sale. According to listing agent Rob Curtain of Peninsula Sotheby’s International Realty, developer Brooke Starbuck bought it, along with multiple adjoining titles.

“Unlike all of the other allotments offered, which have restrictive zoning regulations, the five-acre homestead did not fall into the same zoning,” Mr Curtain said. “So he saw an opportunity and subdivided the land into four separate plots while maintaining the original homestead.”

Built on a cliff's edge, the monolithic home is made of concrete and glass. — Built on a cliff’s edge, the monolithic home is made of concrete and glass.

Peninsula Sotheby’s International Realty

Starbuck enlisted local craftsmen Williams Group and commercial architect Bruce Henderson to build the home. The process took five years. “He wanted to do the unique position justice and build a generational home that would withstand the harsh environment of living so close to the ocean,” Mr. Curtain said. “He also hired interior designer Mim Design for the internal fit-out based on Miriam Fanning’s renowned coastal work. It’s truly a modern-day masterpiece.”

The interiors feature St. Croix stone complemented by American oak flooring. The home’s elevated first level contains five ocean bedrooms all with en-suite bathrooms and ocean views, as well as a central chef’s kitchen, a fully appointed scullery and three living spaces oriented to maximize the views.

“The main open-plan living, kitchen, dining area is simply spectacular,” Mr. Curtain said. “The 13-foot ceilings with floor-to-ceiling glass windows and a 180-degree ocean view create the most surreal feeling of being suspended over the water. It’s an architectural and engineering triumph set on a truly spectacular landholding with 335 feet of oceanfront and tremendous 270-degree ocean and rural views.”

Ample outdoor terraces provide plenty of room for al fresco dining.

Peninsula Sotheby’s International Realty

Stats

The 2000sqm home sits on a 1.25-acre lot and has five bedrooms and six full bathrooms.

Amenities

The home has the latest in technology with world-class kitchen appliances from Wolf and Sub-Zero, integrated audio-visual by Sonos, zoned hydronic floor heating and VRV heating and cooling throughout. A comprehensive security system includes keyless entry and all home technologies are controlled via Elan. The residence is also 6-star energy rated and includes a solar panel system.

An elevator connects the upper level to the lower one, which has a professional gymnasium, sauna, cinema room, wine room and a garage. There is also a second gourmet kitchen servicing an al fresco spa terrace, where a suspended 20-person spa overlooks the ocean.

Neighbourhood Notes

“The beauty of this location is the views are all water and rural surroundings as the area is better known for the farming environment,” Mr. Curtain said. “But this home is only a five-minute walk to the Flinders township, golf courses and the Flinders Bay Beach. It’s also only a 60-minute drive to Melbourne’s central business district.”

Listing Agent: Rob Curtain, Peninsula Sotheby’s International Realty

Australia’s luxury home market is experiencing an “unprecedented surge in prices” due to a limited supply of large homes close to beaches, bays and rivers and strong demand from Australia’s growing high-net-worth population, according to Ray White senior data analyst Atom Go Tian.

The inaugural Ray White Luxury Report reveals luxury homes have risen in value at a much faster rate than median-priced properties across the capital cities over the 10 years from 2014 to 2023. Luxury house prices rose by 84 percent over the decade compared to 70 percent for median-priced houses. Luxury apartment prices soared 58 percent while median apartment prices rose 31 percent.

However, there was a change last year when median prices grew faster than luxury prices for the first time in the decade. CoreLogic analysis shows higher interest rates, which limited people’s borrowing capacity, and rising prices appeared to turbocharge buyer demand in more affordable markets across Australia, with Perth experiencing the most growth among the capital cities in 2023.

Mr Go Tian said some key trends in Australia’s luxury market over the past decade included Brisbane booking the fastest rise in prestige transactions among the major cities, as well as the emergence of the Gold Coast as a “rapidly growing” luxury apartment market. Sydney is the largest prestige market, accounting for 64 percent of national luxury house sales and 51 percent of luxury unit sales.

Interestingly, Australia’s second-smallest capital city – Hobart – recorded the highest luxury house price growth over the decade at 122 percent and the highest luxury apartment price growth at 101 percent.

Here is a summary of the report’s findings on the price growth of Australia’s luxury homes.

Sydney

The luxury house price median is $3.9 million, up 93 percent over the decade, while the median house price is $1.4 million, up 72 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Mosman, Vaucluse and Bellevue Hill. The luxury apartment price median sits at $2.1 million, up 72 percent, while the median apartment price is $794,000, up 25 percent. The suburbs with the most luxury apartment sales above $3 million were Mosman, Darling Point and Pyrmont.

Melbourne

The luxury house price median is $2.5 million, up 71 percent over the decade, while the median house price is $933,000, also up 71 percent. In 2023, the suburbs that had the most luxury house sales above $5 million were Toorak, Brighton and Kew. The luxury apartment price median is $1.3 million, up 51 percent, while the median apartment price is $603,000, up 27 percent. The suburbs with the most luxury apartment sales above $3 million were Toorak, Melbourne CBD and Brighton.

Brisbane

The luxury house price median is $1.8 million, up 103 percent over the decade, while the median house price is $838,000, up 82 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Hamilton, Park Ridge and New Farm. The luxury apartment price median is $1.1 million, up 51 percent, while the median apartment price is $554,000, up 35 percent. The suburbs with the most luxury apartment sales above $3 million were New Farm, Newstead and Brisbane City.

Perth

The luxury house price median is $1.7 million, up 49 percent over the decade, while the median house price is $676,000, up 25 percent. In 2023, the suburbs that had the most luxury house sales above $5 million were Cottesloe, Dalkeith and Mosman Park. The luxury apartment price median sits at just over $1 million, up 15 percent, while the median apartment price is $453,000, up 0.7 percent. The suburbs with the most luxury apartment sales above $3 million were South Perth, North Fremantle and West Perth.

Adelaide

The luxury house price median is $1.6 million, 2.2 times higher than in 2014, while the median house price is over $700,000, up 78 percent. In 2023, the suburbs that had the most luxury house sales above $5 million were North Adelaide, St Peters and Medindie. The luxury apartment price median is $994,000, up 52 percent, while the median apartment price is just under $500,000, up 44 percent. The suburbs with the most luxury apartment sales above $3 million were Dulwich, Adelaide CBD and Glenelg.

Hobart

The luxury house price median is $1.5 million, up 122 percent over the decade, while the median house price is $742,000, up 112 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Sandy Bay, Old Beach and North Hobart. The luxury apartment price median sits at $1.04 million, up 100 percent, while the median apartment price is $564,000, up 102 percent. The suburbs with the most luxury apartment sales above $3 million were Sandy Bay, Battery Point and Hobart.

Darwin

The luxury house price median is just over $1 million, up 18 percent over the decade, while the median house price is just over $600,000, up 5 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Larrakeyah, Darwin City and Palmerton City. The luxury apartment price median is $724,000, down 0.6 percent, while the median apartment price is $388,000, down 12 percent. The suburbs that had the most luxury apartment sales above $3 million were Fannie Bay, Darwin City and Larrakeyah.

Brand-New Oceanfront Mansion On Victoria’s Coast Is A ‘Modern-Day Masterpiece’

The house, which feels as though it’s suspended over the water, was built to withstand the conditions it faces being so close to the ocean.

Built on a cliff’s edge, the monolithic home is made of concrete and glass.

Ample outdoor terraces provide plenty of room for al fresco dining.

A new property report reveals an ‘unprecedented surge’ in luxury home values as demand continues to outstrip supply