Top end buyers have continued to splurge on Melbourne’s prestige residential property market with more than $50 million worth of homes transacted in the first quarter of the year, according to the m3property Melbourne Prestige Market Update.
m3property’s prestige residential manager Robert Atkinson said the prestige market continues to go from strength to strength.
“During the first quarter of 2006 the prestige residential market has maintained the strength it exhibited in the latter part of 2005.
“A highlight of the market has been the number of sales which have occurred in one of Toorak’s most highly sought locations, Hopetoun Road,” he added.
Over the period from late February to late March, five properties were sold on Hopetoun Road, including
1 Hopetoun Road for $3 million plus; 2 Hopetoun Road for $6.63 million; 5 Hopetoun Road for $5.2 million; 13 Hopetoun Road for $5.75 million and 15a Hopetoun Road for $3.2 million.
Atkinson said whilst the concentration of sales in Hopetoun Road might indicate an abundance of properties for sale, there is in fact a significant shortage of good quality well located property available.
“A number of significant sales have occurred, some at auction and others by private sale and in off market transactions.
“In addition, Towards 50% of recurring stock is being sold off market or before auction,” he added.
So far this year, the big ticket sale was a home on Ledbury Court, Toorak for $7.85 million.
Meanwhile on Howe Crescent, East Melbourne a two storey, four-bedroom Victorian terrace house was sold for $4.905 million.
On Redmond Street, Kew a two storey, four-bedroom Victorian residence was sold for $3.205 million.
Atkinson said the outlook for the prestige market in the medium term is positive.
“Last week, I attended an auction on Hill Street, Toorak. The home of John Ralf, chairman of the Commonwealth Bank, was sold for $4.3 million.
“There were six bidders and the reserve price was $3.5 million,” he concluded.
By Nelson Yap
