Palatial Mornington Peninsula estate on the market

A colourful Mornington Peninsula estate belonging to the billionaire Smorgon family has come to market with price expectations of between $12.8 million and $13.8 million.

Tallagandra is a 35ha working farm in Flinders that has been held by a company linked to Rodney Smorgon and his wife, Anne, for almost two decades.

The Smorgons’ Australian dynasty dates back to the 1920s when siblings Eric, Moses, and Abram Smorgon migrated down under from Ukraine. In Melbourne, the brotherly trio opened a kosher butcher shop on Lygon St, but went on to grow the family empire to include steel manufacturing and mining.

A descendant of Moses, Rodney purchased Tallagandra and its original mid-century house in 2008 for $3.25 million. Since then, the couple have created a glamorous regional retreat in the semi-rural township on the popular peninsula about 90 90-minute drive from Melbourne.

Forbes Global Properties’ Michel Gibson and Robert Fletcher are handling the listing.

Today, the estate at 84 Meakins Rd is home to a palatial main residence, cattle and an alfresco gallery of more than 30 sculptures by local and international artists such as Kiwi artist Phil Price, Chinese creative Goa Xiaowu and Aussie Christabel Wigley.

Blending rolling bucolic scenery with eye-catching contemporary art, Tallagandra is a unique parcel straddling two distinct worlds.

The modernised five-bedroom house, recreated by SJB Architects, is surrounded by landscaping that expertly complements the carefully curated art pieces that are also illuminated by night.

Walls of windows capture the picturesque backdrop and handpicked artworks while a series of living spaces, including a formal lounge room, a games room with a grand billiard table, and a sunken family room, dish up ample options for the avid entertainer. The modern kitchen has a vast central island bench, a butler’s pantry with a cool room, and a full suite of Miele appliances.

There is also a dedicated kids’ playroom and a large home office with a fireplace.

From the primary bedroom suite, the bath and shower overlook a peaceful fishpond and sculpture garden, but there are blackout blinds for privacy. There are also dual walk-in wardrobes, as well as a dressing room with island storage and skylights. An additional accommodation wing houses four more bedrooms and two bathrooms.

For outdoor entertaining, the expansive property has multiple decks that capitalise on the views from every angle, plus a pizza oven and barbecue area, a pool and a flood-lit tennis court.

Beyond the art and architecture, Tallagandra has cattle, a 900-tree olive grove, a chicken coop, 110,000 litres of filtered water storage, three dams, a spring-fed stream, a worm farm system, and more than 600 native trees planted to attract local fauna. Outhouses include a large four-car garage and a hangar-style work shed.

Surrounded by the Peninsula’s renowned vineyards and cellar doors, such as Nazaaray Estate Winery, as well as thermal springs, golf courses and popular restaurants, Tallagandra is approximately 7kms from Flinders and 95kms from Melbourne’s CBD and 120kms from the airport.

The Mornington Peninsula property at 84 Meakins Rd, Flinders is being sold via expressions of interest campaign through Michel Gibson of Forbes Global Properties.

Australia’s rental market has reached a new milestone, with national median advertised rents climbing to a record $670 per week in the June quarter as prices continued to rise across every capital city.

New data from realestate.com.au shows national rents increased 3.1 per cent over the quarter and 6.4 per cent over the past year, while capital city rents rose 2.2 per cent over the quarter to a median of $690 per week, up $10 from the March quarter.

REA Group economist Luc Redman said rental price growth had continued despite a small increase in vacancy rates.

“National median rents reached a new high in the June quarter, with widespread price growth across the capitals,” he said.

“The rent increases occurred despite a small increase in the rental vacancy rate over the same period.”

Melbourne and Perth recorded the strongest quarterly growth among the capitals, with rents increasing 3.5 per cent in each city. On an annual basis, Perth led the nation with rental growth of 10.3 per cent, followed by Hobart at 9.1 per cent and Darwin at 7.7 per cent.

Sydney remained Australia’s most expensive city for renters, with a median advertised rent of $800 per week, while Melbourne and Hobart were the most affordable capital cities at $600 per week.

Regional markets were more subdued, with rents holding steady over the quarter but remaining 5.3 per cent higher than a year ago, suggesting the rapid pace of growth outside the capitals has eased.

Mr Redman said the full impact of the Federal Budget’s changes to investor tax settings was yet to be seen.

“The May Federal Budget, which announced sweeping changes to investor tax settings, occurred in the middle of the quarter, so the full impact on the rental market is yet to be seen,” he said.

“While the vacancy rate has edged higher, the expected decrease in investor demand due to the budget’s tax changes could slow the pace of new supply, putting further pressure on rents.”

The report also found house rents continued to outpace units, rising 2.9 per cent across capital cities over the quarter compared with 1.5 per cent for units. Melbourne was the only capital where renting a unit was more expensive than renting a house, reflecting demand for well-located apartments.

Palatial Mornington Peninsula estate on the market

A 35ha Mornington Peninsula estate has hit the market for up to $13.8 million, offering a rare blend of luxury living, contemporary art and working farmland in Flinders.

Australia’s median advertised rent has climbed to a record high, with every capital city recording quarterly price growth despite a slight lift in vacancy rates.