4 Bromley Court, Toorak, has recently hit the market.
Melbourne’s most expensive suburb has seen an influx of property listings over the past month including about $43m in real estate hitting the market in Toorak this week alone.
While some sellers across the city have hit the brakes on listing homes ahead of a potential interest rate rise next week, a leading buyer’s agent says those at the top end of the market are unphased.
It comes after properties listed in excess of $15m in the blue-chip suburb accounted for more than $100m worth of listings on realestate.com.au in October.
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Morrell & Koren buyer’s advocate David Morrell said even if the official cash rate rises again, it was “not a speed bump” for the market’s top end.
Mr Morrell added that Toorak sellers were also rushing to offload their homes before the market closed down over the holidays.
“These last few weeks are the last hurrah, if you don’t buy now (the market) won’t open up again until February at the earliest,” he said.
4 Bromley Court, Toorak, hit the market with a $16m-$17m price guide.
The ritzy home comes with its own gym.
4 Bromley Court, Toorak – for Herald Sun RealEstate
The priciest listing this week was that of a five-bedroom house at 4 Bromley Court, Toorak, which hit the market with an eye-watering $16m-$17m price tag with Marshall White Stonnington director Marcus Chiminello.
Mr Chiminello also has the listing for late Australian billionaire businessman David Hains’ Toorak mansion, initially listed earlier this year with a whopping $45m-$50m price tag.
The 35-39 Albany Rd property was pulled from the market for a cosmetic upgrade before returning with a $6m-$7.5m haircut to its asking price.
35-39 Albany Rd, Toorak, has been relisted with a $6m-$7.5m price cut.
The interior received a cosmetic makeover since it was first listed earlier this year.
The property is the estate of late billionaire David Hains.
“The prestige market has certainly found its rhythm this spring … it feels like nothing has changed at the high end,” Mr Chiminello said.
And the top agent reckons there are still a handful of properties likely to be listed with price tags in excess of $50m in the coming months.
But it’s not just the top end that has seen a surge in listings this spring.
Barry Plant chief executive Mike McCarthy said his firm has recorded a nearly 30 per cent uptick in listings since the start of the financial year.
Its sellers are also reaping the rewards of increased competition after seeing an early auction clearance rate of 91 per cent on Saturday, despite PropTrack recording a 59.7 per cent preliminary clearance rate from just 263 reported results.
“We’re seeing more buyers come back out because there’s more choice now,” Mr McCarthy added.
“There’s more stock but demand is keeping up with it at the moment which speaks to the underlying strength of the market.”
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