Toorak buyer offers $13m sight unseen for corner block at 25 St Georges Road, Melbourne, Victoria


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Was it overpriced? I think it’s a reflection of the scarcity and how coveted these homes are. A BMW is never an Aston Martin. A BMW is a beautiful car, but you don’t have the feel of an Aston Martin or a Rolls-Royce and you do not get better than that.

What did you think it would go for? I’m not commenting on the price.

What was surprising about it? The offer was made sight unseen. I have sold land without going through a property. But [this] is a significant purchase by any stretch of the imagination.

Deep buyer pool: there’s strong competition for top-quality properties such as the St Georges Road home. 

Was the offer accepted before the buyer saw it? Yes. They did eventually see it.

What was the buyer’s profile? It’s a local downsizer. They will live in it initially and eventually rebuild.

How did it come about? The buyer inquired on another property which had sold. About three weeks after I sold 20 Linlithgow Road, he inquired on it. He indicated he was looking at other properties. He said: “I’ve looked at X and Y. What have you got coming up?” I said [a family house on a 1000sq m at] 34 Albany Road. They didn’t like that. I said: “This potentially could be an opportunity.”

OK for now: The new owner will live in the house and rebuild in time, the agent says. 

He looked at it and liked it – he drove past it. I got the offer on Saturday. It took a few days. We started on the Saturday and finished Thursday.

What is this telling us about the market? The top end is unbelievable. We don’t have enough stock. Toorak land is a very good barometer of the strength of the market and flight to quality. Demand for A-grade stock is as good as ever. There’s quite uneven wealth distribution – there are a lot of wealthy people out there.

Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never? a) Next week, from where I’m sitting. There’s always demand for A-grade property.

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