A Toorak house that the independent school sold for $3.4 million in 2020 to a developer has been rebuilt and relisted for $14.5 million to $15.5 million.
Property buyers could have made a 70 per cent capital gain in five years – if they picked the right time and place.
The winners beat eight other parties for a family home at a heated auction that pushed well above the vendor’s reserve price.
After a decade of saving,even many higher-paid professionals would be short of their goals as property prices rose out of reach.
The founders of legendary venues such as Revolver,Cookie and the Toff in Town have extended their vision to their own home.
House prices in some exclusive Melbourne locales have dropped,although buyers will still need to shell out for the ultra top-end properties.
A rare feature and affordable price range attracted several hopefuls on auction day. It was one of 393 scheduled on Saturday.
Properties in these beloved suburbs change hands only once every 20 years,and residents say it’s because everything they need is close to home.
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House prices have more than doubled in the past five years in some parts of regional Australia,but other neighbourhoods have risen much less.