Is $40 Million a new benchmark for Melbourne high end residential?

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Jul 17, 2017

Is $40 Million a new benchmark for Melbourne high end residential?

New record set for residential property in Melbourne with the previous recorded at over $26 Million in Toorak for Besen House.

Besen House in Toorak, Melbourne's previous house sale record at $26 million sold by Marshall White.
Besen House in Toorak, Melbourne's previous house sale record at $26 million sold by Marshall White.
Besen House in Toorak, Melbourne's previous house sale record at $26 million sold by Marshall White.
Jeremy Fox Director of RT Edgar
'Elaine's sold to Atlassian founder Scott Farquhar for around $75 million, the highest price ever paid for a single Australian home.
'Elaine's sold to Atlassian founder Scott Farquhar for around $75 million, the highest price ever paid for a single Australian home.
'Elaine's sold to Atlassian founder Scott Farquhar for around $75 million, the highest price ever paid for a single Australian home.
'Elaine's sold to Atlassian founder Scott Farquhar for around $75 million, the highest price ever paid for a single Australian home.

In an apparent off market 'done deal' a property in St George’s Road, Toorak has supposedly changed hands for a staggering $40 million.

The sale is believed to have been negotiated by agent Jeremy Fox, director of R.T. Edgar. While Jeremy is unable to comment on the sale, he told SCHWARTZWILLIAMS that the Melbourne market is as strong as he has ever seen with both local and overseas buyers.

The previous record, was set in December last year when Marshall White company director, Marcus Chiminello sold Besen House, also in Toorak for a little over $26 million.

Image: Besen House sold for over $26 Million by Marshall White

This takes Melbourne’s top end luxury property to a whole new level and will radically change people’s perception of what luxury property values are worth in the Victorian capital.

Sydney still outstrips the property market with the highest price for a single Australian home. “Elaine”, the former Point Piper waterfront estate of the Fairfax family, sold for a whopping $75 million earlier this year. The transaction was conducted by Ken Jacobs from Ken Jacobs Double Bay | Christie’s International.

View luxury Sydney and Melbourne high end residential homes for sale:

'Berthong', Elizabeth Bay, Sydney for sale by Ken Jacobs Double Bay | Christie's International Real Estate.