Melbourne’s most expensive home sales 2024: See the priciest 24 property moves of the year

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A $70m Toorak mansion was the most-expensive home to change hands in Melbourne in 2024, as a handful of property deals generated hundreds of millions of dollars in sales.

While most of Victoria grappled with a cost-of-living crisis, the state’s wealthiest were making eight-figure moves leading to title changes on some of the city’s most-illustrious streets.

Business luminaries and rich listers dominate the list of people driving the sales of homes that showcase jaw-dropping opulence.

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Days before Christmas, the six-bedroom house at 2 Macquarie Rd sold in the vicinity of $70m, industry sources revealed, making it Victoria’s third-biggest residential sale ever.

The showstopping mansion was first listed for sale in March with a $75m-$82.5m price tag before being cut to $70m-$75m later in the year.

Automation platform Neota chairman John Lord and his wife Sue were the sellers, having paid $13.25m for the property in 2008, property records show.

Macquarie Rd, Toorak-for herald sun real estate

The house spans about 2000sq m under roof.

The residence was designed by architect Illario Cortese and was completed in 2018 after a five-year build.

While Forbes Global Properties director Michael Gibson declined to comment on the home’s sale price, he said a local buyer had purchased the home.

“Macquarie Rd is one of the exceptional contemporary residences in Australia,” he said.

Corporate bigwig and whisky baron David Prior tied for second spot with the sale of a $40m St Georges Rd, Toorak, an address that most couldn’t afford if they won the lottery.

Listed in 2023 with a $46m-$50m price guide by the founder of organic yoghurt brand five:am, the five-bedroom house named Karum was sold for $40m in February.

Property records reveal he purchased the mansion – which features a large swimming pool, spa, tennis court and gym – for $23.3m in 2014.

Another striking home in the top 10 was the massive 10-bedroom manor owned by late billionaire and horse breeder of the Melbourne Cup winner Kingston Rule, David Hains, which sold for about $40m in March.

Organic yoghurt brand five:am founder David Prior sold his Toorak estate at 14 St Georges Rd.

Prominent landscape designer Paul Bangay created the gardens.

Dubbed the “prettiest house in Toorak” by buyer’s advocate David Morrell, the Albany Rd manor was on the market for almost 12 months with a $40m-$45m guide before changing hands.

RT Edgar Toorak director Jeremy Fox said it seemed the top end of the market had done really well this year, both at Portsea and in Melbourne.

However, he said while the investment market was going to be pretty tough next year with Melbourne’s “mental” property taxes, high end home sales should be fine.

Morrell and Koren buyer’s advocate Matthew Cleverdon said the luxury market had been a little hit and miss throughout the year.

“Properties with no work to be done are a big hit. Those needing significant renovation or work come with less buyers and a little bit more miss,” Mr Cleverdon said.

Marshall White partner Ben Vieth said it had been a softer market for $10m-plus homes in Melbourne’s bayside as many homeowners of that calibre had been reluctant to upgrade.

A rare clifftop residence in Portsea at 3808 Point Nepean Rd.

On the Mornington Peninsula, two sought-after clifftop residences also made the list.

The five-bedroom abode ‘Rovina’ at 3808 Point Nepean Rd, Portsea sold for $23.23m in April, while close by the five-bedroom pad at 3520 Point Nepean Rd, Sorrento quietly found a new owner for about $20m.

Kay & Burton Portsea director Liz Jensen said it had been a quiet year on the peninsula but had picked up in the past three months as a new generation of affluent Victorians — whether they’d spent their childhood summers in the area or not — were being persuaded by their older parents to purchase weekend escapes for their children.

“There’s a lot of that going on, and they’re successful, young, between 40 and 60 year olds who have families and they’re still earning a lot of money,” Ms Jensen said.