Castle in surburban Melbourne on the market
Australia’s castles are rare, but this one is real. Built in 1849 and held by the same family for 50 years, Overnewton Castle in Melbourne is now seeking its next custodian.
3 min
Australia’s castles are few and far between, and the opportunity to buy one rarely pops up. There is, however, now a bona fide 35-room chateau for sale in suburban Melbourne.
Listed for the first time in half a century, Overnewton Castle in Keilor, north west of the city, has launched to market through Sean Cussell of Christie’s International Real Estate with a $6 million to $6.6 million price guide.
The 176-year-old Scottish Baronial-style property has been home to the Norton family for the past 50 years, but was originally built for Scottish settler, grazier and former Mayor of Keilor, William James Taylor.
On a sprawling 2.25ha estate surrounded by rolling grounds filled with sculpted gardens and 170-year-old elm trees, the ivy-clad seven-bedroom three-bathroom residence is layered with a blend of Scottish, French and English influences.
Inside the heritage-listed mansion, there is a grand ballroom seating up to 150 guests, a lavish dining room, and a private chapel that was converted from the original billiards room.
Gastroenterologist Dr LJ Norton and his family have invested five decades in Overnewton Castle, partly preserving its period features while also updating the house for the 21st Century. After a devastating fire in 1979, the Nortons upgraded the infrastructure, installed mains water and access roads, and created a 100-vehicle car park.
Many of the 1849 estate’s original features, including drystone walls, period fireplaces and the dramatic western turret – accessed via a 40-step spiral staircase with a mahogany handrail – have been meticulously maintained. Even the turret’s slate “fish scale” roof tiling and ornate wind vane are straight out of the 19th century.
“Overnewton Castle is not just a property; it is our home and a piece of local history that we have cherished for 50 years,” says Norton family member and managing director of Overnewton Castle, Emma Stott.
“Living here, respectfully updating the facilities and operating our business has been a labour of love. As a family, we have created so many fond memories here, as well as played an important role in countless weddings and other events hosted on our grounds.”
In addition to hosting weddings at Overnewton Castle, the Norton and Stott families also run historical tours and high teas on the property.
Cussell says the unique listing represents an opportunity of historical significance. “Overnewton Castle is one of the finest examples of Scottish Baronial architecture in the Southern Hemisphere and an ideal setting for a private residence, luxury retreat, education facility or event venue,” he explains.
“It represents a rare convergence of architectural grandeur, cultural heritage and enduring family legacy. The listing truly is an extraordinary opportunity to own a piece of Australian history.”
Overnewton’s cultural footprint reaches beyond local tourism, with the castle making its mark in Australian cinema. It played a role as the fictional Monclare mansion in the 1982 cult horror film Next of Kin.
Earlier this year, the period Victoria Racing Club nominated property to display the Melbourne Cup during its prestigious Lexus Melbourne Cup Tour, and in 2024, the site was also a finalist in the Victorian Tourism Awards.
Beyond the grand residence, there are several restored outbuildings suitable for entertaining or accommodation, including The Stables for up ten guests, The Loft which sleeps eight, The Cottage that accommodates six, and The Cabin with space for four people.
The stately address is soon to become even better connected with the forthcoming Suburban Rail Loop and Sunshine Superhub infrastructure projects, improving access to the city. Overnewton is about 20kms from Melbourne’s CBD and 8kms from Melbourne Airport.
Overnewton Castle is listed with Sean Cussell of Christie’s International Real Estate with a price guide of $6 million to $6.6 million. The expressions of interest campaign closes on November 21 at 3 pm.
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First-home incentives can still form part of a long-term investment plan if used strategically.
3 min
Australia’s home prices continue to grow, and while that makes them great investments, they are also some of the most unaffordable in the world.
That’s why first-home buyer schemes such as the First Home Owner Grant, the First Home Guarantee, and stamp duty concessions have become so valuable.
These programs are designed to reduce upfront costs and fast-track people into homeownership.
But the question many aspiring investors are now asking is can these schemes be used as part of an investment strategy? These government initiatives aren’t designed for investors, but they can still play a key role in your long-term investment journey if used strategically.
What the schemes actually allow
Every first-home buyer incentive in Australia is created to support owner-occupiers, not investors.
Whether it’s a cash grant, reduced deposit requirement, or a stamp duty discount, the catch is always the same in that you must live in the property for a set period of time. For example, the First Home Owner Grant often requires you to live in the property for at least six to twelve months, depending on the state.
The First Home Guarantee allows you to purchase with just a 5 per cent deposit without paying lenders’ mortgage insurance, but again, you’re required to live in the property for at least one year.
Likewise, state-based stamp duty concessions are only available for properties intended as a principal place of residence. If your intention from the outset is to buy a property solely for rental income, you won’t be eligible. However, if you’re open to living in the property initially, then transitioning it into an investment, there’s a path forward.
A strategy that works
Rentvesting has emerged as one of the most practical ways for first-time buyers to take advantage of these schemes while also laying the groundwork for a property portfolio.
The concept is simply, buying a property in an area you can afford (using the first-home buyer schemes to assist), live in it for the minimum required period, and then rent it out after fulfilling the occupancy condition.
This approach lets you legally access the benefits of first-home buyer schemes while building equity and entering the market sooner. Instead of waiting years to save a full 20 per cent deposit for an investment property, or getting priced out altogether, you get your foot in the door with reduced upfront costs.
Once you’ve satisfied the live-in requirement, the property can become an income-generating asset and even serve as collateral for your next purchase.
What to look for in a rentvestment property
If you plan to eventually convert the property into an investment, you need to think beyond your short-term living experience. It’s essential to buy a property that performs well both as a home and as a long-term asset.
That means looking at key fundamentals like location, rental demand, and growth potential. Suburbs with strong infrastructure, access to employment hubs, good transport links, and low vacancy rates should be high on your list.
A balanced price-to-rent ratio will help ensure manageable holding costs once the property transitions to an investment.
Established low-density areas often outperform high-rise apartment developments that flood the market with supply and limit capital growth. And ideally, your property should offer scope for future improvements, whether that’s a cosmetic renovation, granny flat addition, or potential to subdivide down the track.
Mistakes to avoid
There are a few common missteps that can undermine this strategy. The first is selling too soon. Some grants and stamp duty concessions include clawback provisions if you offload the property within a short period, which could see you lose the benefits or even owe money back.
It’s also a mistake to let the lure of a government handout sway your purchasing decision. A $10,000 grant doesn’t justify compromising on location, growth prospects, or property fundamentals.
Another pitfall is failing to consider the financial impact once the property becomes an investment. Repayments, tax treatment, and outgoings may change, so it’s important to stress-test your position from day one.
Lastly, beware of buying into oversupplied areas simply because they’re marketed to first-home buyers. Not all new builds are good investments. If hundreds of identical properties are being built nearby, your long-term growth could be seriously limited.
With the right approach, your first home can be the foundation for an entire property portfolio. It starts with using available government support to lower your entry cost.
From there, you occupy the property for the required time, convert it to an investment, and leverage the equity and rental income to fund your next purchase.
Many of the most successful investors today began with a single, strategically chosen property purchased using these exact schemes. By buying well, you can turn your first home into the launchpad for long-term wealth.
Abdullah Nouh is the Founder of Mecca Property Group (MPG), a buyers’ advisory firm specialising in investment opportunities in residential and commercial real estate. In recent years, his team has acquired over $300 million worth of assets for 250+ clients across Australia.
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