A big crowd turned up to see this unique Melbourne property go under the hammer. Check out all the action from Domain's live auction coverage.
Melbourne’s wealthiest suburb Toorak has long been home to Australian prime ministers, captains of industry and executives from all walks of life. And with record price growth for prestige houses in the suburb last year of a stunning 31.3 per cent, its lustre shines ever more brightly.
“It’s just a very pleasant place,” says one of those old residents and a prime minister’s son, lawyer Sam Holt, 77. “It’s close to the city, there are lots of trees and beautiful gardens, and so many little cafes and shops. I’ve lived here from the age of six months old, and I’ve always loved it.”
His father Harold Holt, Malcolm Fraser, Sir John McEwen… the honours list of Toorak loyalists becomes more glossy with every passing year. Since it first eclipsed St Kilda as the city’s top spot in the 1870s, when newcomers flocked to be beside the seaside and left Toorak’s sartorial splendour intact, it has reigned supreme.
Maple Grove is one of Toorak’s premier homes Photo: Image Factory
Melbourne historian Dr Judith Buckrich says, “When people started to arrive here, they all went to St Kilda and that became a strange mix of rich and poor, fast and slow. But there was nothing for them to do in Toorak, so they didn’t go there, and properties remained private.
“Its strength was also always its fabulous location, so close to the city, and how it developed that little bit later, so it still had big blocks of land and people built some magnificent homes.”
Toorak is clearly still Melbourne’s most prestigious suburb, well ahead of the rest.Dr Andrew Wilson
![Maple Grove for Prestige Feb 15](http://web.archive.org./web/20170216221738im_/http://www.smh.com.au/content/dam/images/g/u/8/8/o/y/image.imgtype.articleLeadwide.620x349.png/1486525386415.png)
5C Maple Grove is one of many stunning properties in Toorak.
Photo: Image Factory
Those homes, land and, increasingly, top quality luxury boutique apartment buildings for the area’s downsizers, continue to be a lure today. It’s still the only suburb in Melbourne with a median above $3 million – at $3,825,000 on Domain Group figures – the result of the past 12 months’ stellar rise, more than double Sydney’s prestige median rise of 15.3 per cent last year, and nearly three times that of Melbourne’s prestige market generally of 11.6 per cent.
“Toorak is clearly still Melbourne’s most prestigious suburb, well ahead of the rest,” Domain Group chief economist Dr Andrew Wilson says. “To some extent, that strength becomes self-perpetuating as people gravitate towards it and keep the market there bubbling along.
“It had an extraordinary year and, while it flattened out a little in the second half of 2016, it’s come roaring back from the GFC to have a remarkable result, and is likely to have a positive consolidation this year.”
“We are now seeing a lot of the houses being knocked down and luxury apartments being put up,” says Tony Fialides, president of the Toorak Village Traders Association, who has had his diamond business, IMP Jewellery, there for the past 42 years. “We’ve still got some of Australia’s richest people living here, and everyone seems to love the village atmosphere.”
Those new high-end apartments in Toorak fared well last year, too. According to the Domain Prestige Apartment index, there was a 21.4 per cent rise to a prestige apartment median of $1,050,500 in Toorak, well above the equivalent 12.6 per cent rise in Sydney. The harbour city’s prestige apartment median still remains higher, however, at $1,125,000.
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Hitting the prestige mark: 9 Hill Street, Toorak.
Photo: Rowan Hall
“Toorak is just a pretty special area, with beautiful streetscapes, lovely houses and wide boulevards,” explains Michael Gibson of Kay & Burton South Yarra.
“It’s a well-connected suburb in Melbourne’s heart, and unquestionably the Asian community have been big buyers of those properties in the last 12, 24 and 36 months in particular, which is one of the reasons the market has done as well as it has.”
Its proximity to some of the best schools in Melbourne is also a factor, says Marcus Chiminello of Marshall White, who is selling our Mathoura Road and Hopetoun Road properties. “It’s such an aspirational suburb and has every lifestyle and family amenity only a few moments away.
“We’re seeing some really, really strong demand, which will eventually plateau, but you’ll need a crystal ball to know when.”
![3/40 Mathoura Road, Toorak](http://web.archive.org./web/20170216221738im_/http://www.smh.com.au/content/dam/images/g/u/3/o/o/m/image.imgtype.articleLeadwide.620x349.png/1487055427549.png)
Photo: Supplied
One of the glittering jewells in Toorak’s crown is 3/40 Mathoura Road, the largest penthouse of a boutique four-apartment building under construction between Toorak Village and Hawksburn is now being released for sale off the plan, with completion slated for March next year.
The three-bedroom home is on more than 400 square metres of a single floor, and is the last remaining property of the block to be sold by developers Metrobuild.
“It feels much more like a single-level house, or sky home,” Marshall White director and auctioneer Marcus Chiminello says. “It has a beautiful wintergarden and views to the city, and is likely to appeal most to the astute affluent downsizer.”
There is also a study, American oak timber flooring and travertine fireplaces.
The prestige property is expected to sell for an impressive $6.395 through private treaty with Marshall White Armadale.