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The following is an except from an article published in The Age.
Nearly $110 million of ultra-prestige real estate was tipped onto the Melbourne market this week as the top end ignores the broader property downturn.
Instead of worrying about interest rate rises, residents of the city’s most exclusive suburbs are trying to understand what their home could be worth in the wake of two recent record-setting sales on Toorak’s grand St Georges Road, one for $80 million and another for just shy of $75 million.
In Toorak, there were two significant listings this week, including the architect-designed residence at 3 Macquarie Road, asking $28 million to $30 million. Set on 2100 square metres, the six-bedroom residence with rolling lawns, tennis court and swimming pool was designed by Gabor Hubay as his own home before being sold in 2013 for $14.125 million.
Agents on both Toorak listings are Forbes Global Properties’ Michael Gibson and Robert Fletcher.
Gibson said the two recent record-breaking sales “unquestionably” reset values.
“You can’t ignore them, two significant sales within a short space of time revalues that top end of the market,” he said.
“In Toorak there is probably only six or seven properties on over 6000 square metres. Those trophy homes get revalued overnight.”
Anyone who owns a AAA Toorak home could expect a AAA price, he said.