Melbourne’s 5 Most Expensive Properties [2023]
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Melbourne’s Most Expensive Properties [2024]

The Victorian capital’s top-grossing transactions.

By Kanebridge News
Tue, Nov 16, 2021 1:51pmGrey Clock 5 min

 336 Glenferrie Road, Malvern, VIC: $52 Million

In 2018, art dealer Rod Menzies has sold his Malvern mansion for a house price record of $52.5 million.

The historic property at 336 Glenferrie Road — which was first Australia’s government house, Stonnington — was originally built in 1890 by Cobb & Co coaches partner John Wagner who occupied it until his death in 1901.

Spread over 1.2 hectares, sources who have been in the mansions allege it offers an abundance of bedrooms, living areas and wet zones with intricate detail in all its fittings.

47 Lansell Road Toorak, VIC: $40-44 Million

The sale price for 47 Lansell Road, which is understood to be at the pointy end of its 40-44-million threshold has set not only Toorak’s price record, but is also the most expensive home sold at auction in Australia.

The home was treated to an overhaul at the hands of architects Carr Design, and luxury interior design practice Helen Green Design studio. Elsewhere the 3300sqm plot was treated to the work of Paul Bangay and his renowned gardens.

The 5-bedroom, 4-bathroom, 6-car home was the most expensive listing in Melbourne this year and boasted a swathe of luxury fittings and mod-cons including three kitchens (one regular, chef, commercial – of course), with Miele appliances, commercial grade fridges and stone benches.

The list goes on with the home offering,  indoor-outdoor spaces with teppanyaki grill, luxurious cinema room, an outdoor leisure centre with pool, gym, tennis court, massage room and more.

 

21 Coppin Grove, Hawthorn, VIC:  $40.5 million

Former Australia Post boss Ahmed Fahour sold his Hawthorn mansion in July. The price making it the second-highest ever paid for a residential property in Melbourne at the time of sale.

The standout home, known as Invergowrie was listed in 2018 – with Marshall White’s Marcus Chiminello.

Set on a massive 1.1-hectare block, the home offers five bedrooms and a three-bedroom brick guest house, a bluestone two-bedroom cottage and a hall that double as a gym.

The main homestead is two-storey and is defined by its distinctive colonial-goth architecture. It’s here that the property offers 15 separate rooms and is surrounded by sweeping lawns and gardens, dotted with mature trees.

 

18 St Georges Road, Toorak, VIC: $40 millon

The sale of ‘Mowbray’ on St Georges road saw the dual frontage home occupy one of the finest spots in Toorak within walking distance of Toorak village shops, cafes, restaurants and Melbourne’s top private schools. Perched on 5414sqm of land the six-bedroom family residence with formal lounge, formal dining, staff quarters, outdoor entertaining area, pool and tennis court.

39 Irving Road, Toorak, VIC: $31-$34 million

The historic manor on Toorak’s Irving Road, better known as Chiverton, sold for more than $30 million.

The 6-bedroom, 5-bedroom, 6-car parking home was sold by Kay & Burton South Yarra selling agent Michael Gibson.

The coveted mansion sits on approximately 2170sqm of land with a further 980sqm attached for the tennis court. While the listing was split, the property was sold as a bundle.

With the tennis court, the home arrives with an outdoor swimming pool, Mediterranean façade, timber-lined ceilings.

Chiverton has five bedrooms, five bathrooms, two powder rooms, magnificent formal rooms, library, informal living, open plan kitchen, separate one-bedroom apartment, poolside summer house and four-car garage. Every room looks out to the extensive garden and lawns.

 

60 Hopetoun Road, Toorak, VIC: $30-$33 million

The superstar listing from famed concert promoter Michael Coppel sold for somewhere in the low-30-millions, although listing agent Marcus Chiminello of Marshall Whit wasn’t at liberty to divulge the specifics.

The 3066-square metre home is located in the most enviable locale in Melbourne, the 6-bedroom, 7-bathroom, 9-car garage residence and is replete with manicured gardens, stunning pool area and tennis court.

Inside, a soaring lobby and staircase impart grandeur and opulence, welcoming one into a home that is as flexible as it is luxurious.

The kitchen is privy to a large butler’s pantry with laundry and adjoining cool room – ideal for private chefs or large catered events.

The entertainment room is serviced by its own bathroom with all common spaces leading seamlessly to the lush, tropical outdoor entertaining and dining area, aforementioned swimming pool, cabana and tennis court.

Further, the home offers a bounty of bedrooms including a palatial main bedroom suite that features a substantial dressing room, ensuite, private gym and rooftop sun terrace.

61-63 Grange Road, Toorak, VIC: Approx. $30 Million

Offering a touch of the English countryside in Melbourne’s Toorak comes this sprawling 4236sqm property on Grange Road. Purchased by tech wizard Guy King, the property was designed by Drew Cole Architects and features multiple formal and informal living rooms, four bedrooms, siz bathrooms, study, separate home office, gym cinema, cellar, six car basement garage, pool and more.

Inside it’s an entertainer’s delight with the kitchen featuring a huge marble island, AGA stove, integrated Subzero fridge/freezer, butler’s pantry, custom-made joinery and easy access to the formal dining room. Sliding doors connect the informal living to a shaded terrace for a myriad of indoor-outdoor entertaining options with steps down to the pool and garden.

16 Balwyn Road, Canterbury, VIC: Approx $29 million

Historic mansions, such as ‘Shrublands’ in Melbourne’s Canterbury, have undeniable old-world gravitas. And with such character come with a certain cost – this lavish home listed at what would’ve been a suburb record $42-$46 million.

However, the home was rumoured to take a $13 million hair cut, with some outlets reporting a price of $29 million.

Abercromby’s agent Jock Langley was tight-lipped about the final sale price.

The home features 9-bedroom, 9-bathroom and enough space for 10 cars among its 42-room spread.

Within the long-list of amenities includes a two-bedroom guest wing, basement cinema, billiards room, historic bluestone wine cellar, library, gym and newly-finished heated indoor pool and wellness centre.

Elsewhere Opulent gold-leaf finishes and crystal chandeliers give way to modern fixtures as highlighted in what’s an industrial-sized contemporary kitchen.

However, the home’s ‘piazza’ is the cherry on top, with the outdoor entertaining spaces fitted with heating via outdoor fireplaces.



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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

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Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.

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