Chinese losing buying interest in Melbourne's top end property

Chinese losing buying interest in Melbourne's top end property
Chinese losing buying interest in Melbourne's top end property

Toorak ought have secured the weekend's top two sales but the interest was not there, with the Chinese influence now just an undercurrent.

There were no bidders when 23 Montalto Avenue, Toorak (above) was offered. The vendor bid was $7.75 million for the Rodney Alsop designed family residence on 1146 sqm with pool and courtyard designed by gardening guru Edna Walling.

Another Toorak offering at 10 Cole Court was passed in on a $6.75 million vendor bid through RT Edgar after rejecting the only buyer bid of $5 million.

The home was converted in the 1950s by Sir Roy Grounds out of stables for the now razed Southdean estate.

It was offered by the Cecil family, the fourth generation owners of menswear retailer Henry Bucks.

Melbourne buyers agent Mal James said the market was missing the Chinese buying interest at prior levels.

He advised that any claims by agents that “we’ve got loads of Chinese interest from overseas” was now "drivel."

"It's not there like it was in most cases," he said.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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