Future Fund member Michael Wachtel watches Melbourne market

Future Fund board member Michael Wachtel is keeping a very close eye on the property market across Melbourne's two most watched property locations.

The Credit Suisse advisor was in the auction crowd when the late Lady Susan Renouf's Toorak home (above) was put to auction with $5 million plus last weekend.

After an hour of post-auction negotiations, the Struan Street home was sold but not to the only bidder at $4.55 million.

Renouf had bought the three bedroom home for $1.85 million from the blue blood Grimwade family more than a decade ago.

Wachtel and his photographer wife Linda monitor the Toorak market as their five bedroom home is currently listed with a price guide of $6.8 million plus through Kay & Burton agents Michael Gibson and Matt Davis. 

The couple paid $726,000 for the Cross Street home in the recession-hit Melbourne in 1992.

They have paid $3.2 million for a 410 sqm site elsewhere in Toorak where they will build a new town house.

Wachtel came to our attention last month when he paid $1.95 million for the former Bell stockbroking family weekender at Portsea where he's owned for 13 years.

No sooner had he signed the contract on the three bedroom home with large entertaining deck that overlooks the Fiona Brockhoff designed gardens, than he was attending another auction.

Just out of curiosity it seems.

This article first appeared in the Weekend Australian's Mansion Australia section.