Toorak house price records were reset in 2022, but the market under $10 million eased

“There’s been some easing in some areas of the real estate market: the $5 million to $10 million range, especially things that need work, and people are less interested in security.”

Turnkey homes benefited from strong demand, he said, as rising construction costs prevented many buyers from choosing homes that required repairs.

Chiminello dealt with Two record-breaking St George’s Road salesEd Craven, co-founder of cryptocurrency casino, for $80,000,088, and just shy of $75 million, through buyer’s agent Kim Easterbrook Entrepreneur Grant Rules, he founded MessageMedia, an SMS marketing technology company. The former is to tear down and rebuild, and the latter has some room for improvement.

Another Toorak mansion sold for almost $75 million.

Another Toorak mansion sold for almost $75 million.Credit:marshall white

The previous Melbourne record was $52.5 million for a mansion called Stonington in Malvern, Sold by art dealer Rod Menzies in 2018.

Chiminello’s other deals this year include another for Ed Craven, a stylish $38.5 million Toorak residence from Real estate developerWilliam Deague And together with Monika Tu, Head of BlackDiamondz, $32 million sanctuary Acquired by international businessman Mark Healey.


He expects the luxury market next year to depend on whether more homes come on the market.

Buyer’s advocate David Morell warned that the record-breaking sales had encouraged a range of other homeowners to test the market, adding that it remained to be seen whether they would hit expected prices.

“Do you want to see the market today? It’s there. But these guys are out because they expect the market to be up 10% to 15% today,” he said.

Meanwhile, buyers are happy to wait until next year rather than pay optimistic prices, and prefer homes that don’t require renovations.

“This time last year, people were running around in a hurry and overpaying millions of dollars,” he said. “We did a 180.”

That left many listings still looking for buyers in the run-up to Christmas, he noted.

Little Milton is selling within its $27 million to $29 million price guide.

Little Milton is selling within its $27 million to $29 million price guide.Credit:Forbes Global Real Estate

Mike Gibson of Forbes Global Properties agrees that homes are taking longer to sell, but remains calm.

“Days to market is significantly higher than it was 12 months ago, but that’s fine, as long as everyone is patient, it’s fine,” Gibson said.

The high-end market remains strong and will be underpinned by international buyer interest next year, he said.

“[Interest rates] Everyone is thinking, but the impact on the high end is much less,” he said.

“The higher the price, the more power there is in the market.”

Whether it’s $5 million, $10 million or $15 million, the best quality homes attract interest, he said.

“There’s a lot of new money out there, and there’s still new money, and it’s still going to be in 2023,” he said.

At the time of writing, his house at 3 Macquarie Road, Toorak is still for sale with a price guide of $28 million to $30 million. He also handled the sale of Little Milton on Albany Road, which traded in the $27 million to $29 million price guide range.

His other deals this year include Armadale estate for sale Produced by theater director Michael Kantor, nephew of Rupert Murdoch, and his wife, Silvia, for $26.51 million Luxury homes in Mornington Peninsula Complete football stadium for $26 million.

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