Toorak is one of the richest suburbs in Melbourne, known for its luxurious and spacious homes. It’s no surprise that Australia’s elite favour this charming suburb, making it home to some of the most expensive streets in Melbourne.
- Appeal: Toorak offers a blend of historical charm and modern luxury, attracting high-net-worth individuals.
- Amenities: The suburb boasts high-end boutiques, fine dining, exclusive schools, and some of the most expensive properties in Melbourne.
- Community: Beyond the expensive homes, Toorak has a strong community spirit among its affluent residents.
The value of real estate in Toorak has surged over the years, with properties consistently setting price records. Here’s a look at some of the most expensive homes in Toorak:
29-31 St Georges Rd
- Sold: 2022
- Price: $80 million
This property set a new Victorian price benchmark, selling for $80,000,088. Crypto king Ed Craven purchased the property, which was in a derelict condition. He plans to transform it into a modern luxury estate on a 7,200-square-meter block.
This makes it the most expensive home in Toorak and one of the most notable properties in Melbourne.
Snagged in an off market deal by crypto king Ed Craven, the price was surprising given the property’s near derelict condition. But the crypto platform billionaire plans to revamp entirely, building a brand new house on this 7,200 square metre block.
This may not be the most expensive house in Australia, but it definitely broke the local record, and cemented Toorak as the priciest neighbourhood in Melbourne.
Blair House, 17 St Georges Road
- Sold: 2022
- Price: approx $75 million
In the same week, Blair House, located at 17 St Georges Road, also broke records with a sale price around $75 million. This Toorak mansion features a tennis court, walled garden, and a circular driveway with a stone sculpture, embodying the luxury typical of the area.
Staying relatively private, very few photos of the home were released to the public. We see a gorgeous red brick home, tennis court, and only two photos of the light-filled interiors. But the luxury is evident, from the walled garden fencing, to the stone sculpture in the circular driveway.
47 Lansell
- Sold: 2021
- Price: $40 million
This Toorak mansion, located near the Yarra River, sold for over $40 million in 2021. Spread across 33,000 square meters, it includes five bedrooms, four bathrooms, and six carparks.
The home was renovated by international designers and features a bar, entertainment room, home theatre, and an indoor-outdoor room with a teppanyaki grill, making it one of the most expensive homes in Melbourne.
Just two years prior, the house had been on the market again for half the price. And after being renovated by international designers, Helen Green Design Studio, Carr design group and renowned landscaper Paul Bangay, the mansion remerged and dazzled.
With a separate bar and entertainment room, formal dining space, reception room, home theatre, three kitchens and an indoor-outdoor room with a teppanyaki grill, it is the entertainer’s dream.
While it might not be the biggest house in Melbourne, it certainly is one of the most stunning.
Most expensive houses on sale in Toorak
Contemporary South Yarra family home
Modern, glamorous and cosy, this six bedroom, five bathroom Toorak house is the perfect family sanctuary. Find it at the top of the iconic Como House, set over a 1,155 square metre block.
From the water feature entryway and lap size swimming pool and spa, to the stunning outdoor entertaining areas, families can host comfortably for days on end.
Inside, the formal dining room with travertine fireplace awaits you. A floor above is where you’ll find the five bedrooms, each with its own balcony offering views over the CBD skyline.
Elegant Italianate
With a Toorak mansion, you’re also paying for the exclusivity. Rarely are these homes put up for sale, with many of the owners passing them on through the generations.
Which is why this gorgeous 1,499 square metre plot of land is so special. Featuring a single level compound with two separate houses, the possibilities for living are endless—one house has three full-size bedrooms and multiple formal and informal living spaces.
The second, slightly smaller build has two bedrooms, an informal living room and private courtyard.
A well designed floorplan features a monumental size northwest facing entertainers’ terrace which instantly transports you to the peaceful countryside.
Luxury modern penthouse
Looking for that prestigious Toorak address but don’t want the hassle of a standalone house, you can call off the search. With the sprawling penthouse apartment at The Hopetoun, you’re getting all the convenience of townhouse living with all the luxury of South Yarra living.
Just like in your standard luxury mansion, you are getting first-class amenities; a heated swimming pool, home cinema, 400+ bottle wine cellar, gym room and sauna. Not to mention the fireplace equipped den, double kitchens and palatial bedrooms.
Most Expensive Houses on Sale in Toorak
Elegant Malvern Family Home in Malvern
This four-bedroom home in Malvern is a perfect family retreat. It features a spacious living and dining area with high ceilings.
The modern kitchen includes stone benches and Bosch appliances. The main bedroom has an ensuite and walk-in robe.
Upstairs, there are two more bedrooms and a retreat. A private garden and north-facing deck add outdoor appeal.
The home also includes ducted heating/cooling, keyless entry, and a double garage. Located close to schools, transport, and parks, this home offers convenience and comfort in a quiet, tree-lined street.
Renovated 1930s Toorak Residence
This 1930s Toorak home blends classic charm with modern style. Renovated throughout, it features polished timber floors and open fireplaces. The property includes four bedrooms, with two ensuites and a central bathroom.
The master bedroom boasts a private balcony with leafy views. The home’s layout offers both formal and informal living areas, centred around a modern kitchen.
Floor-to-ceiling glass doors lead to a garden with a resort-style pool. Located in a prestigious street, it’s close to top schools, shops, and transport. A rare blend of history and luxury in Melbourne’s elite suburb.
Elegant Wayne Gillespie-Designed Toorak Home
This Wayne Gillespie-designed Toorak home offers a serene retreat in an exclusive cul-de-sac. Set on 642 sqm, the property features stunning Paul Bangay gardens and a pool.
The three-bedroom plus study home boasts timeless design, with large living areas that flow seamlessly to outdoor terraces.
The Gaggenau/WOLF kitchen and contemporary renovations enhance the original style. The master bedroom includes a walk-in robe and ensuite. Additional features include ducted heating, CCTV security, and a tandem garage.
Located near top schools, High Street, and transport, this home combines luxury and convenience in Melbourne’s most sought-after suburb.
Real Estate Market Trends in Toorak
Toorak remains Melbourne’s most prestigious suburb, with some of the highest property prices in Australia. Here’s what you need to know about the latest trends in Toorak real estate:
House Prices:
- Median Sale Price: $5 million (National Average: $485k)
- Price Change (1 Year): -17.49% (National Average: 4.30%)
Rental Market:
- Median Rent: $1,350 per week (National Average: $395)
- Median Gross Yield: 1.4% (National Average: 4.24%)
Market Activity:
- Properties Sold: 112 in the last 12 months
- Average Discounting: -7.31%
- Average Days on Market: 60 days
Toorak continues to attract high-end buyers, although the recent drop in prices may present opportunities for those looking to invest in this exclusive area. Despite the lower yield, the rental market remains strong, driven by the suburb’s high demand and prestigious reputation.
Conclusion
Toorak remains Melbourne’s premier suburb for luxury living, with properties that define opulence and exclusivity. Whether you’re looking for the most expensive house in Toorak or exploring high-end properties, this suburb offers unparalleled options.
FAQ Section on ‘The Most Expensive House in Toorak’
What is the most expensive house in Toorak Melbourne?
A contemporary Toorak trophy home is expected to surpass existing records, with a price guide ranging from $75 million to $82 million.
What is the highest price in Toorak?
A Toorak estate covering 3200 sq m is currently on the market with an asking price between $75 million and $82 million, potentially surpassing the record set by the “ghost mansion” at St Georges Rd, which sold for $80,000,088.
Who bought the 80 million house in Toorak?
The $80 million property in Toorak was purchased by 28-year-old crypto casino co-founder Edward Craven. The property, located in a prestigious area, currently stands vacant.
What’s the most expensive house in Victoria?
Located near Victoria’s priciest home at 29-31 St Georges Rd, a heritage-listed mansion at 14 St Georges Rd features an Art Deco swimming pool, spa, tennis court, and gym. It recently sold for $80,000,088.
Sources
Information sourced from www.corelogic.com.au and The Age. Updated on 16/08/2024. Includes details on property sales, market trends, and median prices in Toorak.
