Posted on 26 Apr 2016, 1:32 p.m. in News
In the background of Melbourne's property market, prestige homes are bought and sold on the QT, writes Clare Barry.
In the hubbub of open houses and auctions that defines Melbourne’s property market, a rarefied sector operates discreetly, often unlisted and quietly transacted.
“The top end works to a completely different drumbeat,” says buyer’s advocate David Morrell. “You’ll notice they rarely auction properties north of $6-$7 million, and we’re seeing a lot of bigger sales transacted without any agent. Privacy is a very big issue at the top end.”
Abercromby’s conducts 70 per cent of its business off market, according to director Jock Langley, tapping an ever-growing database of potential buyers and sellers.
He travels abroad to market directly to overseas buyers, mainly in Asia, targeting both foreigners and expats seeking a “return” property.
Those at the very top end of the market are seeking a trophy home, says Morrell, or are trading up to a bigger house for family. Many want a recently renovated house, and bigger blocks of land. “They want [up to] 40,000 square feet, and the fact is there aren’t too many of those homes left in Toorak, they’ve been subdivided.”
Morrell believes the prestige market has moved little in the past 10 months, with the behind-closed-doors nature of the sector making it difficult to track a sale’s progress.
‘You’ll notice they rarely auction properties north of $6 or $7 million.’Buyer’s advocate David Morrell
“What happens is they put it up for an EOI (expression of interest) and then it just disappears into the sunset. You never know what was offered or whether they got an offer or not. Most EOIs north of $10-$15 million are languishing.”
So for those who seek them, what makes a single $20 million home worth 27 median-priced Melbourne houses?
“It’s land holding, it’s scarcity, but it’s also a home that’s going to provide a lifestyle not just for a few years but usually for a generation,” says Marshall White’s Marcus Chiminello.
“Most buyers looking to spend $15 to $20 million at the moment tend to require a tennis court and beautiful views and a walk-in proposition, there are many attributes on an emotional level that will drive buyers above and beyond the logical things.
“But there are always buyers in Melbourne, whether local or international, who are prepared to pay $15 [million, up to] even $30 million for a home when the right thing comes up. But it’s got to be near perfect, otherwise they’ll just wait for the next opportunity.”
Read more here: http://www.domain.com.au/news/off-the-record-20160420-go63rr/
- Abercromby's - Making headlines!
- MEET OUR TEAM- Introducing Hugh Hardy
- More Than Opera Annual Dinner
- You know you’re in Melbourne, but here, you feel top of the world
- MEET OUR TEAM- Introducing Jock Langley
- AustCham Singapore Business Connects
- Abercromby’s. Aim True.
- Maddie’s Shield #3 Celebrity T20 Match
- Happy Holidays
- Treasure Chest Charity's "Touch of Red" lunch.
- 2018 Melburnian of the Year
- Sir Robert Menzies’ Kew home looks for popular vote at auction
- A piece of Barwon River frontage has sold at private auction.
- Sam Goddard: The real estate director also a women’s AFL coach
- You know the expression, 'bigger than Texas' ? This place is that to a T.
- The Outback Car Trek Raising Funds for the Flying Doctor
- Middleton - A celebration of light and space.
- Dream Home | 371 Highett Street, Richmond
- “Domaine Lane” Cocktail launch
- Meet Director Sam Goddard - Domain Rising Star Winner 2017
- House of the Year honours in 1993
- Coast & Country
- General Interest
- Just Listed
- Luxury & Lifestyle
- Market Updates
- Property of the Week
- RUN Melbourne
- Coast & Country
- Tim Bennetts
- Sam Goddard
- Jock Langley
- Main Ridge
- The Age
- The Weekly Review
- Interest Rate
- The Australian
- South Yarra
- Hugh Hardy
- Abercromby's Real Estate
- Andrew Harlock
- Expression of Interest
- Malvern East
- Glen Iris
- Open for Inspection
- Kate Cusack
- Tim Derham
- James Report
- Market Update
- East Melbourne
- Agents Choice
- Weekly review
- Jeff Gole
- Port Melbourne
- property management
- Simon Hicks
- Sales Market
- Interest Rates
- Luxury Properties
- For Sale
- Howthern East
- Myles Crowhurst
- Rental Market
- WAN house of the year
- Private Auction
- Mont Albert North
- Private sale
- Financial Times
- New York
- Rio De Janerio
- Valentine's Day
- House & Garden
- Abercromby's Melbourne
- the period home renovator
- New York Times
Tweets by AbercrombysRE