The hunt is on: The Melburnians looking for a home worth $50m

The ad as placed in Domain magazine this month. 39 St Georges road Toorak. 20th April 2016. The Age Fairfaxmedia News Picture by JOE ARMAO
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Two super wealthy Melbourne families are on the hunt for luxury trophy homes worth up to $50 million.

In a sign of the extraordinary riches held in the city’s bricks and mortar, a prominent real estate agency has confirmed it has two clients looking to drop between $35 million to $50 million each on a house in Toorak or its surrounds.

Marshall White has taken on the somewhat onerous, but undoubtedly lucrative, task of playing property matchmaker. The agency has launched an advertising campaign to find potential sellers, offering a rare glimpse into the high-stakes wheelings and dealings in the ultra-prestige real estate market.

In July, Victoria’s house price record was smashed when an offshore buyer agreed to pay $40 million for the sprawling estate at 18 St Georges Road in Toorak. Land title records show the transaction is yet to settle.

Marshall White director Marcus Chiminello estimated there were no less than 50 properties in the leafy inner east that were worth more than $35 million, but they were all tightly held.

“Out of that 50, there is probably a very small percentage that would consider a sale,” Mr Chiminello said.

“This has all come about because a few months ago, we had an offer of $41 million on a property under construction in Toorak and the owners decided not to sell.

“So we’re just trying to find them something of equivalent calibre, which has proven to be difficult.” Related: Toorak mansion breaks Victorian recordRelated: Melbourne homes could be worth $100m

Mr Chiminello said both his clients were Toorak locals looking to upgrade. One family’s price range sits between $35 million and $40 million, while the other family could splurge $50 million for the right property, he said.

Both clients share a similar brief; they want a newly-built or completely renovated house on at least 2500 square metres of land, with a tennis court and pool.

“It needs to have basically every family lifestyle amenity,” Mr Chiminello said.

Offers and transactions of such magnitude are rarely discussed in the public realm; affluent individuals typically seek confidentiality agreements and most sales are off-market.

Mr Chiminello said if a deal goes ahead, it would likely be done behind closed doors. “It will probably occur and no one will know about it,” he said.

The true depth of wealth in Melbourne’s blue-ribbon boulevards is largely a secret, but some industry insiders believe there are Toorak estates that could command up to $100 million.

This story Administrator ready to work first appeared on Nanjing Night Net.

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