The Shrublands mansion in Canterbury is up for sale for between $37 million and $40 million

“It’s had really good traction overseas,” Mi said. “This house has a very specific type of buyer just because it’s so big.”

“There’s probably a range of buyers it could appeal to,” Wilkinson added. “It’s a multi-generational home and that would appeal to wealthy families who really want to live on private property. But there is also the business part, possibly the commercial part as well.”

Although the property was listed at a higher guide value than the 2021 sale, Wilkinson was confident a sale would be achieved. And that despite the sharpest rise in interest rates in a generation.

Canterbury home prices fell 1.5 percent in 2022 to a median of $3,217,000, according to domain data.

“There was talk of pricing,” Wilkinson said. “I’ve sold a lot of properties in the $10 million market and they haven’t been affected by the rate hikes.

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“It’s the scarcity of the type of property like this – one of Melbourne’s more significant properties – that is attracting high prices.”

The house is being sold via expressions of interest.

Shrublands isn’t the only high-priced mansion to hit Melbourne’s upscale market in recent weeks.

The late businessman and horse breeder David Hains’ Toorak mansion on Albany Road is being sold over the counter and is expected to fetch between $40 million and $50 million after his death in January.

A 47 room nursing home called Darnlee is also up for sale on Lansell Road, Toorak for between $20 million and $22 million.

And a five-bedroom stack in St George’s Road, Toorak, which was sold by the Rich List Stamoulis family in 2021 for $19 million, has been listed by the current owners with expectations of $24 million to $25 million .

Marshall White’s Marcus Chiminello and Jack Nicol have this list.

St. George’s Road, one of Melbourne’s most desirable, is where two houses broke Victoria’s house price records.

Crypto king Ed Craven bought a knockdown conversion on St. George’s Road for more than $80 million late last year, and another was sold to entrepreneur Grant Rule for nearly $75 million.

Victoria’s previous house price record was $52.5 million for the Stonnington mansion in Malvern, which was sold by art dealer Rod Menzies in 2018.

Elsewhere, a stylish five-bedroom residence on Orrong Road with interiors by Lauren Tarrant Design has hit the market with a target price of $10-11 million. Sales agents on the list are Max Ruttner and Mandy Zhu from RT Edgar Toorak.