Finance Property Toorak home set to break Victorian price record

Toorak home set to break Victorian price record

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A lavish Toorak mansion owned by one of the well-known Smorgon family is set to smash the record as Victoria’s most expensive property.

The estate at 4 Robertson Street officially hit the market on Sunday but has already attracted a dozen parties interested in the home.

It’s believed the home will break the $26 million state record and could “reach the heights of $30 million”, Marshall White director Marcus Chiminello told News Corp.

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The seven-bedroom house is being sold by Tony and Jennifer Smorgon, members of the prominent Melbourne business family.

Mr Chiminello said the home was designed and built over six years, and includes seven bathrooms, three kitchens, a baby grand dining room with a 20-seat custom-built table, an elaborately fitted library with marble open fire and bar and a home office.

“We are speculating that it will eclipse the Victorian record, but by how much at this point, we are uncertain,” Mr Chiminello told Domain.

“This is the calibre of home that is not normally ever available, and if so, it might be once in a generation.

“We have industry colleagues having input in this property through Asia, the UK and parts of the US.

“Everything is handled in a very private and confidential manner in dealing with the buyer and inspections themselves, so it certainly won’t be an open door policy.”

The home has a private north-facing garden with al fresco dining terrace. Photo: Supplied
A sweeping marble staircase leads up to six bedrooms, all with marble en-suites. Photo: Supplied

Meanwhile, the weekly tug of war between Sydney and Melbourne in the quest for property market supremacy nears it autumnal finale.

There was a stellar $7,805,000 Albert Park sale which headed off Sydney’s top $7,025,000 price on the river at Hunters Hill.

The Albert Park offering at 24 St Vincent Place was a freestanding balconied Victorian residence overlooking the heritage garden square.

The pre-auction price guidance was $6.25 million plus. The bidding opened at $6 million and the property was announced on the market just after $7.3 million with three bidders.

The Albert Park home has five bedrooms and three bathrooms. Photo: Supplied
The entrance hall introduces a sitting room with marble open fireplace and equally beautiful formal dining room with open fireplace. Photo: Supplied

The five-bedroom house on its 480 sqm holding, now with the rear extension designed by Bates Smart, last traded in 1978 at $107,000, reflecting 12 per cent annual price growth.

The two-level house, built in the 1870s for Melbourne’s harbour master Robert Fullarton, fell on hard times and became a rooming house in the 1950s for around three decades.

The three-bedroom, single-storey Hunters Hill riverfront home was a knockdown at 36 Viret Street on 695 sqm which sold through Tracey Dixon at McGrath Estate Agents at $7,025,000.

The Hunters Hill property has an exclusive waterfront enclave with breathtaking views. Photo: Supplied
Imagine waking up to water views like this. Photo: Supplied
The property sold for more than $7 million. Photo: Supplied

It last sold in 1975 at $170,000, reflecting 9.5 per cent annual price growth.

When it came to clearance rates, CoreLogic RP Data showed Sydney had the edge in the mid-70s with Melbourne dipping unusually into the high 60s.

Sydney’s house auction median price was $1.27 million – well in excess of Melbourne’s $860,000. For apartments the difference was even higher – $812,500 in Sydney to $515,000 in Melbourne, according to Domain.

Around 500 Sydney properties were scheduled to go under the hammer, below the 550 auctioned over the same weekend last year, with Marrickville and Mosman the busiest suburbs for auctions with eight scheduled. 

Nearly 750 Melbourne auctions were scheduled to be held, also lower than the 830 held over the same weekend last year.

Richmond was the busiest suburb for Melbourne auctions with 14 offerings.

Weekend celebrity sales included the legendary Collingwood full forward Peter McKenna, who secured $1.42 million for his Richmond home.

The Richmond Edwardian was owned by former Magpies star Peter McKenna. Photo: Supplied

The single fronted Edwardian cottage was bought at 1998 auction for $306,750.

Brisbane had the nation’s cheapest weekend sale when $220,000 was paid at Regency Downs. The 18 Bucknall Court three-bedroom house, listed through Elders in the Lockyer Valley region, last sold at $73,000 in 2002. 

The Regency Downs property is ‘ready for renovation’, agents said. Photo: Supplied

Brisbane’s weekend clearance rate sat close to 60 per cent, one of the strongest results in recent times.

Over in the west, the big news was West Coast Eagles star Nic Naitanui spending $3 million on a Mount Lawley home.

The star ruckman secured a five-bedroom, four-bathroom 2008 Zorzi-built house with home cinema. It was listed with high $3 million hopes mid-last year, selling earlier this year by private treaty.

Nic Nat’s new Mount Lawley home. Photo: Supplied
The ground floor includes a theatre room, resort-style alfresco complete with pool, high-end dining area and landscaped gardens. Photo: Supplied
The house is part of the multi-award winning Zorzi Homes Group. Photo: Supplied

His Swan View home, which cost $1,285,000 in 2012, had been put up for rent.

Last month he sought $900 a week, which has been adjusted now to $800 a week.

Perth’s weekend auction success rate sank to 20 per cent, according to CoreLogic RP Data.

Jonathan Chancellor is editor-at-large at Property Observer.

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