Luxury home prices drop

October 18, 2010 § Leave a comment


The bubble at the top end of Melbourne‘s property market has burst.

The latest Real Estate Institute of Victoria figures show median house prices fell in many of the city’s wealthiest suburbs in the September quarter.

Prices slumped by more than 10 per cent in 14 of Melbourne’s 40 million-dollar suburbs, with South Yarra, Brighton, Albert Park and Kew among the hardest hit.

Hawthorn fared the worst, with the median dropping 26.9 per cent to $1,197,500 in the three months to October 1.

Overall, million-dollar suburbs decreased in value by 1.6 per cent during the period.

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Brits to sell off Toorak outposts

September 29, 2010 § Leave a comment


A plan by the cash-strapped British government to offload some of its Australian properties has set the scene for some major real estate action in Melbourne‘s richest suburb in the new year.

Tough times in Britain have prompted the sale of three Australian properties, including two top-end homes in Toorak and a mansion in Vaucluse, Sydney. British diplomats will be expected to live in more modest city apartments, according to the British Foreign Office.

A spokeswoman for the British Foreign and Commonwealth Office said the residences would be put on the market next year and replaced with properties ”more fit for purpose”.

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Melbourne’s $20m mansion

September 21, 2010 § Leave a comment

The title of Melbourne‘s most expensive house has passed to a Toorak mansion, which is believed to have changed hands for a record $20 million.

The mansion, named Miegunyah, was sold by ex-Pacific Dunlop chief Phillip Brass to an undisclosed buyer.

Mr Brass is reported to have bought the property, located at 641 Orrong Road in the inner eastern suburb of Melbourne, for $2 million in 1991 from businessman Robert Holmes a Court.  

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Mansion site fetches $28.5m

September 16, 2010 § Leave a comment

A Chinese conglomerate has brought the heritage-listed Stonington Mansion site in Malvern for $28.5 million.  

The 1.5-hectare block of land bordered by Glenferrie Road and Somers Avenue is one of the last prime developments sites available in the blue-chip Melbourne suburb.

Mark Wizel from CB Richard Ellis said the Ever Bright Group finalised the purchase this week.

The site has an associated master plan that allows development of 31 apartments, 14 luxury houses, 22 townhouses and 12 ”townhomes”, which Ever Bright intends to start building within months, Mr Wizel said.

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