M Cover story
Melbourne’s prestige property market is well into its recovery from being the harshest hit capital city during the peak of the 2020 pandemic and much of the market is experiencing a renaissance. Prices are typically exceeding the price guide, and in quick time. “Smart buyers like rising markets,” Melbourne buyers’ agent Mal James advised recently. “Besides more choice, right now several of our buying clients will have $250,000 to $1.5 million in additional home equity between signature and settlement. A year on, possibly all our current clients will have better balance sheets than those who didn’t buy this weekend,” James says, adding it was often necessary for buyers to “push past the noise and act on an A-grader”. Opinions vary on the firmness of the recovery, and there is some patchiness in some market segments. James suggests the 2021 opening was statistically as “hot as it was in the opening market of 2016”. “The only difference we can see is the C-graders are not selling as quickly or as much over reserve as in 2016,” he says. Toorak has certainly been the hotbed of recovery among the Melbourne prestige suburbs, while the Mornington Peninsula’s performance has been stellar. “Toorak is the epicentre of the big exchanges, but it’s not the only suburb – think Brighton and Hawthorn as well,” James says. Toorak sales have included a 1930s Marcus Martin home at 6 Lascelles Avenue that changed hands last month after a renovation by Stephen Akehurst. It sold with an asking price of $12 million through RT Edgar Toorak agent Mark Wridgway, who had it listed in conjunction with Marshall White’s Marcus Chiminello. The five-bedroom home on 965sq m features a heated pool and cabana. Brighton has seen 255 New Street go under offer in less than a month, having had $18 million to $19.8 million expectations through James Paynter agents James Paynter and Suzie Farrell, with an expat expressing the keenest interest. The fivebedroom home has a bowling alley, as well as a music studio, home office, gym, home cinema room and wine cellar. The push for more space has also been seen in the outer Melbourne suburbs, which are now attracting strong interest. There were more than 20 private inspections and five contracts issued in the first fortnight after 5 Homestead Road, Eltham, was listed in mid-March, with offers 12
MANSIONAUSTRALIA.COM.AU
THE WEEKEND AUSTRALIAN
| APRIL 10-11, 2021
