Eastern Melbourne prestige market showing signs of prosperity returning: HTW residential

Eastern Melbourne prestige market showing signs of prosperity returning: HTW residential
Eastern Melbourne prestige market showing signs of prosperity returning: HTW residential

During 2019, Melbourne’s property market has had a firm correction following a brief period of recession, according to the latest Herron Todd White (HTW) residential report. 

The report notes listed prices and clearance rates rose again after showing reminiscent signs of the period of prosperity Melbourne experienced from 2014 to mid 2017.

"This month we are looking at some of the most ostentatious listings and palatial homes in the eastern suburbs of Melbourne," the valuation firm said. 

"Blue-chip suburbs such as Hawthorn are known for offering a grand lifestyle and it is easy to see why when you see its homes and apartments of an elite calibre, however the home pictured below would better fit the category of a manor."

18-20 Shakespeare Grove, Hawthorn (pictured above) has been listed on the market since 28 November 2018.

The last known sale price was $19.8 million on 5 May 2014.

It is currently being listed by RT Edgar Toorak and they have listed the property with an indicative selling price of $45 million.

"With nine bedrooms, seven bathrooms and an underground garage capable of housing up to 10 cars, it has an impressive resume," the valuation firm said.

"Set on 4,251 square metres in one of Melbourne’s most elite locations and sought after enclaves, Shakespeare Grove, the property is admired and timeless." 

 Eastern Melbourne prestige market showing signs of prosperity returning: HTW residential

The report notes just around the corner from Hawthorn is Kew, a suburb of similar calibre and filled with beautiful homes often listed for multiple millions of dollars.

A home currently listed by RT Edgar Toorak is 107 Sackville Street, Kew (pictured above).

Set on 1,179 square metres and featuring five bedrooms, four bathrooms and three-car parking spaces, the indicative selling price is $6 million to $6.6 million.

"While it is a bit more reserved and subtle than the property shown above, there is no disregarding its great location on one of the most desirable roads in Kew," HTW said. 

"Originally built in 1920, the home has been renovated extensively on the inside and has had cosmetic work completed on the outside to restore the look of the home.

"This is a unique and valuable home in which to raise a family, entertain guests and enjoy a luxurious lifestyle."

 Eastern Melbourne prestige market showing signs of prosperity returning: HTW residential

Wonga Park is located 28 kilometres north-east of Melbourne’s CBD.

The suburb features semi-rural properties with large land sizes and grandiose homes.

134 Jumping Creek Road, Wonga Park (pictured above) sold for $2.47 million on 13 May 2019.

Set upon four hectares of land, the property is comprised of seven bedrooms, seven bathrooms and 11 car parking spaces over three storeys on a triangular-shaped allotment.

"The house’s features look more like a forest getaway than a home," the valuation firm said. 

Built originally in 1970, the house was updated with a brand-new kitchen, living and dining areas in February 2006.

"The previous owners did a great job maintaining the exposed brick look in sections of the home to complement the renovations excellently," the valuation firm added. 

Having been sold previously on 27 November 1999 for $610,000, the house has quadrupled in value in the past 20 years.

The home is located an hour’s drive from the city and has connecting roads to access Yarra Valley’s wine region and Victoria’s alpine areas.

"This is a home suited for a family looking to settle into third gear and enjoy being away from the hustle and bustle that the fast-paced inner eastern suburbs offer." 

Tags: 
Prestige Market East Melbourne

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