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The luxury Toorak pile of entrepreneur and investor Phillip Prendergast and his wife Carmen has sold for about $30 million, exactly the price guided for the six-bedroom compound when it hit the market in October.
Selling agent Mike Gibson, of Forbes Global Properties, said the strong result was indicative of a two-step market. “The top end of the market is in a different gear to the rest of the market. The Toorak market is as strong as it’s been in my memory, driving that is offshore buyers and extremely low supply.”
Mr Gibson said the turnkey property was popular, as buyers remained reluctant to take on renovating projects because of elevated costs and supply issues. “It was all done, the home was beautifully built and in spectacular condition,” Mr Gibson said.
In an apparent sign of the Toorak top end’s ability to weather the interest rate storm, Mr Gibson said there had been 27 groups through a recently launched luxury property on Linlithgow Avenue within a week of it coming to market.
The six-bedroom mansion owned by packaging industry veteran Alex Commins and his wife, Nicola, recently joined Melbourne’s prestige sales circuit, with an $18.8 million to $20.6 million price guide.