The Melbourne property market has just witnessed a historic moment with the rumoured sale of Coonac, an iconic Toorak estate, reportedly fetching between $125-140 million. This deal would make it the most expensive residential property ever sold in Australia, surpassing Sydney’s previous records and solidifying Toorak as the pinnacle of luxury real estate.
A Slice of Melbourne’s History
Built in 1876, Coonac is a grand Italianate mansion sitting on more than one hectare of land in Melbourne’s most prestigious suburb. Owned by Paul Little, former Essendon Football Club boss, and Jane Hansen, University of Melbourne chancellor, the estate boasts 20 rooms, sprawling gardens, and heritage grandeur that places it among the country’s finest homes.
Breaking Records in Australian Real Estate
This sale doubles the previous Melbourne record—set in 2022 when crypto entrepreneur Ed Craven purchased a St Georges Road home for $80.88 million and outshines Sydney’s priciest transactions in Point Piper. With this deal, Toorak cements its status as Australia’s epicentre of blue-chip luxury property.
What This Means for the Market
High-end property in Melbourne is clearly in high demand, driven by discerning buyers, international interest, and the long-term value of prestige locations. The land holding on Coonac solidified much of the value. With limited supply and a growing appetite for ultra-luxury homes, Toorak remains the suburb of choice for those looking to secure a legacy estate in one of Australia’s most sought-after postcodes of 3142.
The off-market sale was handled by Kay & Burton’s Ross Savas, which is known for dealing with ultra-high-net-worth markets. Discover what makes Toorak one of Melbourne’s most prestigious suburbs, from its luxury lifestyle to top amenities, in our ultimate guide.
As more high-profile transactions unfold, one thing is clear: Melbourne’s luxury property market has reached new heights, and Toorak remains at the centre of it all. Most luxury homes are discreetly sold off the market, with little fanfare. If you wish to uncover the homes not listed for sale online, feel free to contact our team.
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