Taking the top two placings on Australia’s highest residential sale prices in 2022, and eight of the top 25, Victoria certainly stakes its claim in terms of globally renowned luxury property. From large landholdings in the prime affluent suburbs to jaw-dropping off the plan city apartments, the wealthiest sales are still soaring to new price heights. While you may be aware of some of the publicly noted sales, many were brokered behind closed doors off-market, and changed hands with a degree of secrecy. So here they are, the 8 biggest sales across Victoria in the year 2022.
#1 & #2 – The Toorak Mega Estates
The consecutive record-breaking results of 17 St Georges Road, Toorak and 29-31 St Georges Road, Toorak are Australia’s most expensive property sales prices for 2022. At $70M and $80M respectively they managed to break each other’s Victorian records in a matter of months. The interesting theme with both properties is that they are seemingly a long way off being in a perfect state, despite the unimaginable price tag. The key to both is their massive landholding on what has evidently become Victoria’s most expensive street. Number 17 known as ‘Blair House’ features a 1930s built Georgian Revival residence in a majestic enclave of English gardens, while 29-31 hosts an unfinished derelict mansion built some decades ago. It’s believed the new owner, cryptocurrency king Edward Craven, plans to build a new mansion in the near future
#3 – A Conrad Architects Masterpiece
Having sold in 2018 for $12.2M, the knockdown and spectacular rebuild of 802 Orrong Road, Toorak resulted in a $38.5M sale in 2022, just four years later. Prime evidence of the unmatched wealth in the area, it too was purchased by Australia’s youngest billionaire, Ed Craven. Known as the Toorak Garden Residence, the home is just breathtaking with its swish pool, helical staircase and Paul Bangay designed landscape. Lead architect Paul Conrad described the residence as ‘probably one of the most impressive’ he has designed in his illustrious career.
#4, #6 & #7 – The Trio of Unbuilt Skyhomes
In a sign of the times and sign of what’s to come, three of the top 7 highest sales recorded in the state this year were of an unbuilt tower, STH BNK by Beulah. Unsurprisingly there is merit in the $35 million and 2 $30 million results, with the tower set to become one of the most incredible in history. Its curving façade is something unforeseen in Melbourne, and upon completion, the taller of the two towers will be the highest in the country. With design from UNStudio and Cox Architecture, and an estimated total build cost of $2 billion, the development will feature eight sky parks, virtual reality technology and services including babysitting and an on-call doctor. The sub-penthouse recorded the highest result and spans the entire floor. It is open to various customisation of the owners desire.
#5 – A French Phenomenon ‘Chasse Gardée’
With its name stemming from a French royal hunting retreat, ‘Chasse Gardée’ or 5 Yar Orrong Road, Toorak is a European inspired boutique creation of grand stature. Netting $32 million in a late November sale, the home was sold in conjunction with famed, Sydney-based agent, Monika Tu. Iron front gates, Oak castle doors and myriads of sandstone exhibit the European design.
#8 – A Genius 1868 Re-Design
52 Hampden Road, Armadale, or ‘Namarong’. It’s one of Melbourne’s best homes and has always been notable for that title. Its iconic position on high Armadale grounds relates back to its 1868 origins when owners required a direct line of site to Port Phillip Bay, to track the movements of vessels in and out. Its extraordinary redesign through design firm Kennedy Nolan achieves an exquisite balance of classical grandeur with contemporary glory. On an allotment of 3370sqm approx. and framed in its timeless Italianate Victorian façade, the irresistible ‘Namarong’ sold for $26,510,000 in 2022.
There’s a feeling of familiarity with the Stonnington mega prices seen in 2022, but the push towards sensational sky homes at the top of the sale listings may well be the way of the future. The sheer ability to build large numbers of apartments in the inner-city should continue to see this notable shift, while the landmark estates and custom-built homes may not match the pace.