Toorak’s home price records were reset in 2022, but the sub-$10 million market eased

“There’s been some easing in some sectors of the real estate market: in the $5 million to $10 million range, especially on things that need work, there’s less interest in securing.”

Turnkey homes benefited from stronger demand due to increases in construction costs, which discouraged many buyers from choosing homes that needed work, he said.

Chiminello handled the two record-breaking sales on St Georges Road, one to cryptocurrency casino co-founder Ed Craven for $80,000,088 through buyers’ agent Kim Easterbrook and nearly $75 million to the Entrepreneur Grant Rule, who founded SMS marketing technology company MessageMedia. The former was a knockdown rebuild, and the latter had room for some improvement.

Another Toorak mansion sold for just under $75 million.

Another Toorak mansion sold for just under $75 million.Credit:Marshal White

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

Chiminello’s other deals this year include Ed Craven’s other purchase, a stylish $38.5 million Toorak home from real estate developer William Deague, and in collaboration with Monika Tu, director of BlackDiamondz, the Chasse Gardée valued at $32 million, which was purchased by international businessman Mark Healey.


He expects the prestige market next year to depend on more homes being put up for sale.

The buyer’s attorney, David Morrell, warned that the record-breaking sales encouraged a number of other homeowners to test the market, adding it remains to be seen if they will fetch their expected price.

“You want to meet the market today? It is there. But these people walked out expecting their market to be 10 to 15 percent higher today,” he said.

Buyers, on the other hand, preferred to wait until next year rather than pay optimistic prices, preferring homes that didn’t need renovation.

“This time last year people were running around with their hair on fire paying millions of dollars more,” he said. “We are 180 degrees opposite.”

He noted that this has meant that many listings are still looking for buyers in the run-up to Christmas.

Little Milton sold within the $27-29 million price range.

Little Milton sold within the $27-29 million price range.Credit:Forbes Global Properties

Forbes Global Properties’ Mike Gibson agreed that houses take longer to sell, but he remained philosophical.

“Days in the market are significantly higher than they were 12 months ago, but that’s okay, no problem with that as long as everyone is patient,” Gibson said.

He said the top end of the market is still strong and will be underpinned by international buyer interest next year.

“[Interest rates] are on everyone’s minds, but there’s far less impact at the top end,” he said.

“The higher the price goes, the stronger the market.”

He said the highest quality homes attract interest at any price, whether it’s $5 million, $10 million, or $15 million.

“There’s a lot of new money out there and that new money is still there and will be in 2023,” he said.

At the time of writing, his listing at 3 Macquarie Road, Toorak, was still for sale with a target price of $28-$30 million. He also oversaw the sale of Little Milton on Albany Road, which traded within his $27-$29 million price guideline.

His other deals this year include the sale of an Armadale estate by theater director and nephew of Rupert Murdoch, Michael Kantor and his wife Silvia for $26.51 million and a mansion on the Mornington Peninsula with a soccer field for $26 million U.S. dollar.

The Morning Edition Newsletter is our guide to the day’s most important and interesting stories, analysis and insights. Sign up here. Toorak’s home price records were reset in 2022, but the sub-$10 million market eased

Brian Lowry

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