In August 2022 the most expensive house in Melbourne and third highest property sale in Australia ever sold for over $80 million.
This beautiful mansion at 29-31 St Georges Road, Toorak was bought by Ed Craven, co-founder of cryptocurrency casino Stake.com
A big milestone for the Melbourne luxury property market, a new record for the highest house price in Victoria.
This smashed the previous Victorian house price record of $52.5 million set by Stonington Mansion in Malvern.
About the Property and it’s Original Owner
This luxury mansion was owned by David Yu. The derelict house was on the market for over 2 years before it sold to Ed Craven for $80,000,088. Marshall White’s Marcus Chiminello handled the sale.
Located on the most expensive street in Melbourne, St Georges Road, Toorak this is the most expensive house in Melbourne and in one of the richest suburbs in Melbourne as well.
The property sits on a massive 7,800 sqm block with a tennis court, expansive lawns and north-facing manicured gardens.
Inside the mansion has a cinema room, dining room, butlers pantry and multiple living areas and five bedrooms.
Each of the 5 bedrooms has a dressing room and luxurious bathroom. There’s also a billiards room, massage room and 2 powder rooms.
Unique Selling Points
This Toorak mansion stands out with its location and inclusions. Here are some of them:
- Prime Location: Located on St Georges Road, Toorak, one of Melbourne’s most sought-after boulevards.
- Expansive Landholding: The property spans 7,800 square metres, providing privacy and tranquillity.
- Exclusive Amenities: Includes a tennis court, cinema room, butler’s pantry, billiards room, and massage room.
- Historical Significance: Record-setting sale price and notable ownership history.
Previous Records in Melbourne and Australia
To understand the significance of this sale, it is helpful to compare it with previous record sales in Melbourne and Australia.
The sale of 29-31 St Georges Road, Toorak, for $80,000,088 in 2022, surpasses the previous record held by Stonington Mansion at $52.5 million.
This reflects a substantial increase in the value of expensive properties in Melbourne. Additionally, while Melbourne’s high-end property market remains competitive, Sydney often leads the national charts with sales like Fairwater at $100 million and Edgewater at $95 million.
These comparisons highlight the growing demand and rising prices in Australia’s luxury market.
Previous Record Sales in Melbourne
802 Orrong Road, Toorak
- Price: $38.5 million
- Details: Sold in early 2022. This 1940s property sits on 1995 square metres and includes four bedrooms, four bathrooms, and a three-car garage. It also features a tennis court, swimming pool, and manicured gardens.
47 Lansell Road, Toorak
- Price: $43.1 million
- Details: Sold in 2021 by British businessman Mark Healey and his wife Kelly. The property features five bedrooms, three kitchens, a cinema room, a massage room, and a six-car garage.
Morning Star, Mount Eliza
- Price: $40 million
- Details: Sold in 2020, this property includes a five-bedroom mansion, a vineyard, a wedding venue, and a helipad.
3 Heyington Place, Toorak
- Price: $23 million
- Details: Sold in 2019. The six-bedroom mansion includes a pool, tennis court, and a 10-car basement garage.
336 Glenferrie Road, Malvern (Stonington Mansion)
- Price: $52.5 million
- Details: Sold in 2018 by art dealer Rod Menzies. The property includes a six-bedroom mansion and gatehouse.
18 St Georges Road, Toorak
- Price: $40 million
- Details: Sold in 2017. The six-bedroom mansion was purchased by a foreign buyer and includes a 5,000 sqm block.
This property is known for its grandeur and can be considered a competitor to the biggest house in Melbourne.
Previous Record Property Sales in Australia
Want to see more top sales? Here are the most expensive houses in Australia ever sold.
Uig Lodge, Point Piper, NSW
- Price: $130 million
- Details: The most expensive house in Australia was sold for $130 million in 2022 to Atlassian billionaire, Scott Farquhar.
Elaine, Point Piper, NSW
- Price: $71 million
- Details: Scott Farquhar bought this in 2021. Historic estate with modern luxury. Seven bedrooms, five bathrooms.
One Sydney Harbour Penthouse, Barangaroo, NSW
- Price: $140 million
- Details: Two storey penthouse in Tower 1 of One Sydney Harbour. Australian apartment record. Rooftop pool, spa, gymnasium. Nine bedrooms.
Bellagio La Villa, Tallebudgera, QLD
- Price: $42 million
- Details: A 10-bedroom estate on the Gold Coast sold in 2021. 17 hectares. Design by Michael Witty. Landscaping by Paul Bangay.
Most Expensive Houses for Sale in Melbourne Right Now
Here are some of the most luxurious properties currently on the market in Melbourne:
1. 26 Berry Street, East Melbourne, VIC 3002
Price: $6,500,000
This grand Victorian terrace showcases the grandeur of Victorian architecture blended with modern luxury. It features a formal lounge, serene courtyard, pond, dining room, well-appointed kitchen, and a lap pool with alfresco area.
Upstairs, the master bedroom includes an ensuite and walk-in robe, with three additional bedrooms and a central bathroom for family and guests.
Surroundings: Located in the prestigious Jolimont district, this property is close to lush parks, high-end shopping, fine dining, and cultural landmarks, making it an ideal spot for luxurious urban living.
2. West Melbourne, VIC 3003
Price: $2,250,000
This stunning new townhouse offers approximately 309 sqm of living space over five levels. It includes three living areas, a private rooftop terrace, and secure tandem parking. The light-filled design and spacious layout make it perfect for entertaining or relaxation.
Surroundings: Situated on the fringe of the CBD, this property provides easy access to city life while offering the charm of a well-established neighbourhood. It’s a perfect blend of convenience and tranquility.
3. 1-4/27 Leopold Street, South Yarra, VIC 3141
Price: Above $2M
This elegant Art Deco freestanding building, located between Fawkner Park and the Royal Botanic Gardens, currently consists of four two-bedroom apartments with plans to redevelop into a luxurious 44-square residence.
The proposed residence includes basement parking, a north-facing courtyard with a plunge pool, and opulent living spaces.
Surroundings: Positioned in the coveted Domain Precinct, this property is close to the vibrant Domain Village, offering a blend of prestige and profitability with easy access to parks, shopping, and dining.
These properties showcase the pinnacle of luxury living in Melbourne, offering exquisite design, premium locations, and top-tier amenities.
If you’re interested in exploring real estate for sale in Melbourne, these homes provide a glimpse into the high-end market.
FAQ section on ‘The Most Expensive House in Melbourne’
What is the most expensive house in Victoria?
The highest known transaction in Victoria is the sale of a property at 29-31 St Georges Road for $80,000,088. Another significant transaction in the area occurred at 17 St Georges Road, fetching $74.5 million.
Who bought the most expensive house in Melbourne?
The record for the most expensive house purchase in Melbourne is held by Edward Craven, a cryptocurrency entrepreneur, who bought a derelict mansion on St Georges Road for $80,000,088 in 2022.
Additionally, the most expensive house in Toorak emphasizes the area’s prestige.
What is the most expensive area in Melbourne?
Toorak is widely recognized as the most expensive area in Melbourne, with the highest recorded house sale at $80 million in 2021.
What is the richest street in Melbourne?
The richest street in Melbourne is St Georges Road, where the highest recorded sale price in 2022 was $80 million.
