Prestige Property: 63 Irving Road, Toorak, VIC
Inside this contemporary Toorak pile.
< 1 min
Touted as an address that took ‘the best’ as its starting point and elevated it to spectacular new heights comes this luxurious four-level home.
Located in Melbourne’s most desirable suburb, Toorak, the 5-bedroom, 6-bathroom, 8-car garage home sees a heady combination of stone finishes, floor-to-ceiling glass, soaring ceiling heights dotted with architectural ‘wow moments’ to form a truly unique offering.
Inside, the alluring design is highlighted by a stunning spiral staircase and terrazzo flooring throughout. Here, the open-plan design includes a kitchen that’s fitted with Miele appliances, a butler’s pantry and sees a striking marble benchtop and flows seamlessly to the alfresco space.
Outside, just off the dining area is a covered pool and spa. blurring the lines between indoor and outdoor spaces.
Also on the ground floor are four of the five bedrooms – each of which is completed with walk-in robes and ensuites alongside access to a covered outdoor area.
Of the four bedrooms on the ground level, the main bedroom sees an expansive dressing room sure to leave an impression and a large ensuite fitted with further marble adornment.
The fifth bedroom is located on the first floor as its own retreat alongside a lounge.
Accompanying the aforementioned spiral staircase is a silent central lift that links all four levels including a roof-top retreat, complete with kitchenette, built-in bar fridges and terrace views towards Melbourne CBD.
Downstairs on the lowest level, the basement accommodates a versatile gym or cellar, billiards room and secure garaging for the astute car collector.
The listing is with Abercromby’s Real Estate Sam Goddard (+61 448 870 454) and Bill Xian (+61 434 242 680). Price guide; $15.5 million – $17 million. abercrombys.com.au
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Capital cities lead the way as median home values see clear upswing
2 min
Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.
The property data provider reports that their Home Value Index has noted a third consecutive rise in values in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.
Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.
Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.
CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.
“Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.
“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.
“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.”
Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.
The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.
“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.
“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
