A Mediterranean-inspired Toorak mansion has fetched about $12 million to mark a solid start to 2019 for the Melbourne market’s top end.
The eight-figure sale of Tuileries at 9 Cole Court was inked almost 10 months after the property first hit the market.
The Herald Sun understands a buyer from South Yarra snapped up the aspirational home and plans to renovate it.
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The three-storey abode took three years to design and five years to build.
It hit the market with a $12-$13 million price guide last April, for the first time since it was completed in 2009.
RT Edgar Toorak director and selling agent Jeremy Fox could not comment on the specifics of the deal.
But he said the residence was “the most well-constructed, beautifully designed house in one of the best locations in Toorak”.
Fittings were sourced from throughout Europe in the no-expense-spared build, with the design by renowned architect Walter Welst inspired by the sellers’ travels.
A French terracotta tiled-roof crowns the three-bedroom, three-bathroom house.
It also offered 4m-high ceilings, travertine floors, Tasmanian myrtle doors, a wine cellar, gym, refined library and conservatory, luxury kitchen with Gaggenau and Miele appliances, a self-cleaning pool and six-car garage.
Toorak’s median house sale price plummeted 32 per cent to $3.35 million in the year to November 30, latest CoreLogic data shows.
But the suburb’s ultra top end continued to generate significant sales in 2018, led by tech entrepreneur Ruslan Kogan’s $38.8 million purchase, $19 million-plus deals involving 9 Barnard Rd and 16 Lansell Rd, and the $14.3 million sale of 7 Teringa Place.
Mr Fox expected the conclusion of the royal commission into banking to spark increased buyer inquiry.
Labor’s planned negative gearing restrictions could also fuel further demand for quality family houses in desirable Melbourne locations, if the party won the upcoming federal election as expected, he said.
“If people can’t get tax breaks out of negative gearing, I think more of them will upgrade their housing and money might be directed into homes,” he said.
“That (top end) market will recover pretty quickly.”
Mr Fox said there were “a lot of buyers out there” for top-notch homes, but still not enough available stock.
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