What is the Most Expensive House in Melbourne? (2024)

  • Asking house prices in Melbourne remain above $1 million
  • Many of Melbourne's most expensive homes may never come to market
  • One of Melbourne's most expensive homes several years ago was a penthouse in Southbank

While Sydney is known as being home to the most expensive property in Australia – especially along the harbour – Melbourne is not far behind.

Asking prices in the Victorian capital remain well above $1 million for all houses, despite the recent decline, according to SQM Research.

Greater Melbourne

Melbourne’s eastern suburbs – especially Toorak – continue to be home to some of the most expensive property in Australia.

Melbourne luxury market most resilient in Australia

Updated: 02/02/2023

The Herron Todd White month in review report has found Melbourne to be the most resilient prestige property market, with both international and domestic demand playing off scarcity to create some intense competition.

“The luxury upper end of the property market of $10 millio nand above remained strong and this upper end has ocntinued to outperform the broader property markets.”

Herron Todd White Month in Review November 2022

It was hard to compete with 2021, though, the report recalled luxury homes above $10 million saw a near doubling of sales numbers to 100. The third Covid year had a slow start, but the report noted trophy homes were still flying off the shelves.

So, what is the most expensive home in Melbourne?

Toorak has a median house price of about $5 million, with $1 million for units and apartments. But is this where the most expensive home in Melbourne is located?

Antoinette Sagaria, a luxury buyer’s advocate and director of property at Entourage noted that over the past five years, the very top end of Melbourne homes is circa $40 million.

Outside of these homes are many iconic, ultra luxury trophy homes that have been owned in one family for generations and thus not tested by the market.

Ms Sagaria believes while it is difficult to assess their value, these homes are probably the most expensive in Melbourne, and many of them are located in Toorak.

“Properties like Cranlana owned by the Myer family would presumably be worth in excess of $100 million dollars,” said Ms Sagaria.

“Similarly and coincidently on the same street in Toorak, Coonac Estate owned by Paul Little would likely be a $100 million dollar proposition or more.”

What is the Most Expensive House in Melbourne? (1)

She added Raheen (main image), owned by the Pratt Family of Visy fame, is another property that could be seen as priceless due to their history and uniqueness.

“However on the flipside a house is only worth what someone is willing to pay,” she said.

“There will always be a ‘floor value’ that we can calculate based on other sales and the general market sentiment but when we’re considering the trophy status, emotional value, and simply the aesthetic appeal to the specific prospective buyer, then the sky’s the limit to some degree.

Antoinette Sagaria, Entourage

“It takes extensive consideration and lengthy discussions, sometimes over many months to advise clients at this level as we critically must balance objective value with emotional value, and the difference can be millions of dollars.”

Despite the recent market decline, Ms Sagaria is confident the very top end of the market is unlikely to be affected, and there is a small pool of well-heeled individuals and family groups seeking trophy properties.

“There has been significant interest in trophy properties and the luxury market from international buyers also, and therefore the Australian economy becomes even less of a factor,” she added.

In light of this, The Property Tribune has dug through the archives and uncovered the best selling homes each year since 2013.

Melbourne’s most expensive house in 2022

Updated 02/02/2023

802 Orrong Road, Toorak

The home was reportedly sold for $38.5 million in early 2022. Herron Todd White noted it was the third highest amount paid for a Melbourne and Victorian home on record.

According to The Property Tribune, 2021 coincidentally saw the second highest ever amount paid for a home at over $40 million.

What is the Most Expensive House in Melbourne? (2)

The 1940s Toorak property sits on a generous 1995 square metres of land and comprises four bedrooms, four bathrooms, and a three car space garage.

Melbourne’s most expensive home for 2022 also comes with every amenity expected of a prestige property: tennis court, swimming pool, and lush, manicured gardens – and of course very European styling.

One of the world’s most livable cities and indeed coolest also saw some venerable runners-up.

Among the stars that Herron Todd White highlighted, an apartment on the 73rd floor of Melbourne’s iconic Eureka Tower was sold in April last year for a cool $6,999,999 – we’ll call it what it was as $7 million before transaction costs.

The 7301/7 Riverside Quay is a relatively palatial four-bedroom, four-bathroom apartment with panoramic views of the Yarra River, Port Phillip Bay and Queenscliff.

If you want the best apartment in Melbourne, though, that accolade might have to go to penthouse apartments 6701 and 6702 18 Hoff Boulevard also on Southbank.

They offer 360-degree views with 1,185 square meters of floor area across the two levels. Curiously, and indeed preferably for some, the apartment is being sold as an empty shell, ready for the owners-to-be to curate as they please. The property is going for $23 million, and buyers will also receive a $1 million renovation package from Coco Republic.

Melbourne saw also homes sold for eight figures in its south east, including 2/636 Nepean Highway in Frankston South, changing hands for $11 million later in 2022, 31 Pardalote Rise in Red Hill sold for $13.25 million in April 2022, and Herron Todd White noted 6 Wilson Street in Brighton currently listed with a price guide of between $13 million and $14 million.

Melbourne’s most expensive house in 2021

47 Lansell Road, Toorak

What is the Most Expensive House in Melbourne? (8)

Located in the exclusive eastern suburb of Toorak, this house on Lansell Road sold for $43.1 million in 2021 having been owned by British businessman Mark Healey and his wife Kelly.

Mr Healey’s father, Eddie Healey, was famous for building and selling the Meadowhall Shopping Centre in Sheffield, UK, making him a billionaire. The current owner is believed to be Sam Gance, the owner of the Chemist Warehouse discount pharmacy chain.

What is the Most Expensive House in Melbourne? (9)

It is the second most expensive property transaction ever recorded in Victoria.

The 3,300 sqm property has five bedrooms, three kitchens, a cinema room, a massage room and a six-car garage. It is believed the Healey’s spent over $10 million on renovating the house during their six-year residency.

Melbourne’s most expensive house in 2020

Morning Star, Mount Eliza

What is the Most Expensive House in Melbourne? (10)

The most expensive home sold in Melbourne during 2020 shows being close to the city doesn’t necessarily mean your property is worth more.

In a year where many sought a lifestyle out of the city, and Melbourne became one of the most lockdown-ed cities in the world, a property in Mount Eliza was the year’s top seller.

Located about 42 kilometres south east of Melbourne’s CBD along the Mornington Peninsula, Morning Star sold for around $40 million. Mario Verrocchi, the co-owner of My Chemist Retail Group, acquired the property following a three-month international sales campaign.

What is the Most Expensive House in Melbourne? (11)

The 62.97 hectare property features an 1860s five-bedroom mansion originally built for an ultra-wealthy Londoner. The asset also includes a 12 hectare vineyard, a wedding venue, restaurant and conference facilities. In terms of transport, it even includes a helipad.

Melbourne’s most expensive house in 2019

3 Heyington Place, Toorak

What is the Most Expensive House in Melbourne? (12)

In late 2019, 3 Heyington Place in Toorak – known as Palmilla – became the most expensive sale in Melbourne, selling for $23 million.

The six-bedroom 1930s mansion had been recently renovated and has a pool, tennis court and 10-car basem*nt garage. Notably, the final sold price was significantly discounted from the original $27 to $29.5 million price guide.

What is the Most Expensive House in Melbourne? (13)

The house was owned by John Zeigler, the retired Asia Pacific chairman of DDB, an ad agency. The Zieglers paid $3.4 million for the home back in 2022.

Melbourne’s most expensive house in 2018

336 Glenferrie Road, Malvern

What is the Most Expensive House in Melbourne? (14)

The most expensive house sold in Melbourne in 2018 was the Stonington mansion, sold by art dealer Rod Menzies for $52.5 million.

The sale occurred ten years after the former government house was controversially transferred into private hands for $17.5 million.

What is the Most Expensive House in Melbourne? (15)

The 1.3-hectare site consists of a six-bedroom mansion and gatehouse, and was acquired by an undisclosed Chinese buyer.

Melbourne’s most expensive house in 2017

18 St Georges Road, Toorak

What is the Most Expensive House in Melbourne? (16)

A six-bedroom mansion in, unsurprisingly, Toorak was home to the most expensive Melbourne home in 2017, selling for $40 million.

A foreign buyer purchased the 1920s Mowbray six-bedroom mansion which is located on a 5,000 sqm block. Along with the final sale price, the Chinese buyer also had to pay $8.5 million in government fees, including 12.5% stamp duty. The property was previously owned by former Mirvac director Marina Darling and her husband Anthony.

What is the Most Expensive House in Melbourne? (17)

Not much is known publicly about the house internally, however, a fire occurred at the rear of the house a few years before the sale and had reportedly been left in the same condition since then.

Melbourne’s most expensive house in 2016

9 Towers Rd, Toorak

What is the Most Expensive House in Melbourne? (18)

A brand-new Toorak mansion was the most expensive house sold in 2016, with 9 Towers Road selling for $26 million.

The property was sold just five days before Christmas with several local families all competing for the property. Despite the competition, the four-bedroom mansion sold below its original price expectation of $30 million.

What is the Most Expensive House in Melbourne? (19)

The property was owned by Daniel and Danielle Besen, the son of Marc and Eva Besen, who built the Sussan Group fashion chain, and have stakes in several Melbourne shopping centres.

Melbourne’s most expensive home in 2015

Apartment at 108 Australia, Southbank

What is the Most Expensive House in Melbourne? (20)

Unlike other properties on this list, the most expensive home sold in 2015 was a penthouse on the 100th floor of the southern hemisphere’s tallest building, Australia 108.

Spread across 750 sqm, the four-bedroom penthouse has its own glass-encased elevator and foyer and 360 degree city, ocean and mountain views. It was purchased off-the-plan for $25 million, equating to over $33,000 per square metre.

What is the Most Expensive House in Melbourne? (21)

It was purchased by an undisclosed Chinese buyer, and was listed for sale late last year with no further updates since.

Melbourne’s most expensive home in 2014

14 St Georges Road, Toorak

What is the Most Expensive House in Melbourne? (22)

Toorak was once again home to the most expensive house sale in Melbourne, with 14 Georges Road selling for $23.3 million. The sale comes after the property was sold for $4.1 million in April 1999. The earliest data available shows the property was bought in March 1978 for $345,000.

The property was acquired off-market by yoghurt entrepreneur David Prior after selling his business five:AM to UK-based PZ Cussons for $80 million.

The previous owner was restaurant mogul Christopher Lucas. Not much known is about the inside of the house, due to the sale being off-market.

Melbourne’s most expensive home in 2013

1 Towers Road, Toorak

What is the Most Expensive House in Melbourne? (23)

A six-bedroom, seven-bathroom Georgian-style mansion in Toorak was sold in June 2013 for $21.5 million, almost doubling its previous sale price of $11.1 million in June 2001.

Despite being the top sale of the year, the final sale price sold below price expectations between $26 million and $30 million, and took almost two years to sell given it was listed in October 2011.

What is the Most Expensive House in Melbourne? (24)

While the buyer is not known publicly, they were a local buyer.

The 42,000 square foot estate features a grand central atrium with a range of sitting and dining rooms. The outdoor pool has a pool house, sauna and steam room, and is near a floodlit tennis court, just to name a few of the features.

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To find out more about the most expensive houses in the other capital cities, check out the below:

What is The Most Expensive House In Sydney?

What is The Most Expensive House In Brisbane?

What is The Most Expensive House in Perth?

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What is the Most Expensive House in Melbourne? (2024)

FAQs

What is the most expensive house sold in Melbourne? ›

If it sells for the upper end of that range, it will break the record for the most expensive house sold in Melbourne, which stands at the $80,000,088 paid by crypto casino founder Ed Craven for a derelict mansion – which has since been demolished – on nearby St Georges Road in 2022.

What is Australia's most expensive house? ›

Only five years ago, Australia's most expensive house cost $100 million. Now, the house price record is $130 million. The baronial-style trophy estate called Uig Lodge on Wentworth Place in Sydney's Point Piper transacted in 2022 for $130 million.

What is the most expensive house in Melbourne Toorak? ›

Victoria's most expensive house, 29-31 St Georges Rd, Toorak, sold for $80,000,088 in August 2022. Another pad at 17 St Georges Rd fetched $74.5m that same month. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

What is the richest street in Melbourne? ›

St Georges road Toorak

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Antilia. Owned by Mukesh Ambani, Antilia is not just India's costliest house but also tops the list of the world's costliest houses.

What is the most expensive apartment in Melbourne? ›

Self-made millionaire property investor Adrian Portelli has reportedly splashed a record $39 million on a two-storey penthouse in Melbourne.

What celebrities live in Toorak? ›

But Toorak in particular is packed with wealth and fame, being home to the mansions of trucking magnate Lindsay Fox, property developer Harry Stamoulis, Chadstone Shopping Centre part-owner John Gandel, former Essendon Football Club chairman Paul Little, tech entrepreneur Ruslan Kogan, retailer Solomon Lew – and the ...

Why is Toorak so expensive? ›

A Prestige Location Of Style, Statement And Tradition. Toorak has long been a private oasis of generational wealth, where international dignitaries, wealthy expats and old money coexisted in the private seclusion of exclusive cul de sacs and tree-lined sanctuaries.

Where do most millionaires live in Melbourne? ›

Where Do Most Millionaires Live in Melbourne?
  • Toorak and Hawksburn are Melbourne's most affluent suburbs, home to some of Australia's richest individuals.
  • These exclusive neighborhoods boast a high average income, with an average of $201,926.
  • The median house price in Toorak and Hawksburn is a staggering $5.38 million.
Nov 24, 2023

How many billionaires are in Toorak? ›

Toorak boasts gated cul-de-sacs, privacy hedges, tree-lined streets and 22 of Australia's richest people. Billionaire investor Ed Craven bought a prestigious “ghost mansion” in Toorak and is living in another mansion in the suburb while he waits for construction on the house of his dreams.

What is the poshest area of Melbourne? ›

Here's a look at some of the most affluent suburbs of Melbourne:
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  • Toorak. ...
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  • Hawthorn.

What town in Australia has the most millionaires? ›

Sydney has been named one of the world's wealthiest cities, with 147,000 millionaires calling the Harbour City home.

Who owns 39 St. Georges Toorak? ›

39 St Georges Road, Toorak. $100 Million Toorak Mansion owned by the Stamoulis family.

What is the top richest suburb in Melbourne? ›

FAQs on Richest Suburbs in Melbourne

Toorak suburb has been considered the richest place in Melbourne, Australia. The annual reports have shown the highest median house price in the capital.

Who owns Coonac Toorak? ›

The mansion, on the largest privately owned single lot in Toorak, was sold by Spotless head Brian Blythe to Toll Holdings boss Paul Little through Kay & Burton.

What is the number 1 most expensive house? ›

Buckingham Palace is the world's most expensive house. Serving as the British monarch's official residence and administrative headquarters, it has been a symbol of British monarchy and prestige for centuries.

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