Toorak home with medium density potential fetches $6.01 million

Toorak home with medium density potential fetches $6.01 million
Toorak home with medium density potential fetches $6.01 million

A Georgian-inspired Toorak mansion on a 1,178 square metre block sold for $6.01 million was the weekend's highest sale in Victoria.

It was listed through Tim Derham and Jock Langley of Abercromby’s Real Estate, inconjuction with Australian Professionals Property Service, with three bidders competing at the auction

The initial price guidance was given as $4.5 million plus. The opening bid was $4.8 million, with the formal on the market announcement made at $5.25 million.

It offered the potential for multi-unit development subject to council approval sitting within City of Stonnington’s draft General Residential Zone, which allows for medium density development of up to three stories.

The five bedroom home sat at the rear of a L-shaped block at 42 Washington Street, Toorak which last sold in 1976 at $212,000.

Melbourne recorded a preliminary clearance rate of 72% according to the REIV.

THE TOP 5 HOUSES

42 Washington Street, Toorak $6,010,000

2. 13 Oxford Street, Malvern $4,225,000

3. 9 Brynmawr Road, Camberwell $2,815,000

4. 15 Raven Street, Kew $2,810,000

5. 57 Athelstan Road, Camberwell $2,350,000

CHEAPEST 5 HOUSES

1. 127 Eighth Avenue, Rosebud $241,000

2. 46 Booth Crescent, Dandenong North $310,000

3. 32 Bellbird Avenue, Launching Place $310,000

4. 5 Parkstone View, Craigieburn $340,000

5. 17 Millstream Pass, Craigieburn $345,000 

Source: REIV

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Victoria Auctions

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