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4 Bromley Court in Toorak has recently come on the market.
Melbourne's most expensive suburbs have seen a flurry of property listings over the past month, with around $43 million worth of properties hitting the market in Toorak this week alone.
Some sellers in the city are putting the brakes on listing their homes ahead of a potential rate hike next week, but a leading buyer's agent says sellers at the higher end of the market are not phased. .
This comes after more than $100 million of prime suburban properties were listed on realestate.com.au in October, with properties listed for more than $15 million.
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David Morrell, buyer's advocate at Morrell & Koren, said even if the official cash rate were to rise again, it would be “not a speed bump” for the top end of the market.
Mr Morel added that sellers in Toorak were also rushing to unload their homes before the market closed for the holidays.
“The last few weeks have been the last hurray. If we don't buy now, (the market) won't open again until February at the earliest,” he said.
4 Toorak's Bromley Court has been put on the market with a price guide of $16 million to $17 million.
This luxury home comes with its own gym.
4 Bromley Court, Toorak – For Herald Sun Real Estate
This week's most expensive property was a five-bedroom home at 4 Bromley Court, Toorak, which Marshall White Stonington director Marcus Ciminello sold for an eye-watering $16 million to $17 million. It was put on the market with a price tag.
Mr Ciminello also owns the Toorak mansion property of the late Australian billionaire businessman David Haines, which was originally listed for a whopping $45 million to $50 million earlier this year. .
The property at 35-39 Albany Road was taken off the market for cosmetic upgrades and then returned with a haircut of $6 million to $7.5 million to the asking price.
35-39 Albany Rd, Toorak has been relisted at a reduced price of $6 million to $7.5 million.
The interior has been extensively renovated since it was first listed earlier this year.
This property is the property of the late David Haynes.
“The prestige market has definitely found its rhythm this spring…It feels like nothing has changed at the high end,” Ciminello said.
And top agents expect there will still be several properties with price tags above $50 million in the coming months.
But it wasn't just top-end companies that saw a sharp increase in the number of listings this spring.
Mike McCarthy, Barry Plant's executive director, said the company's listings have increased nearly 30% since the start of the fiscal year.
PropTrack recorded an early auction win rate of 91 percent on Saturday despite recording a preliminary win rate of 59.7 percent from just 263 reported results, and sellers are also benefiting from increased competition.
“More buyers are coming back because they have more choice,” McCarthy added.
“There is more inventory, but the fact that demand is keeping up with it at the moment speaks to the strength of the market.”
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emily.holgate@news.com.au
