The Melbourne mansions that sold for as much as $100 million-plus in 2025

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Melbourne prestige property has proved a two-speed market in 2025, with a handful of record-breaking sales punctuating some quieter periods.

The Victorian house price record was reset this year as Melbourne marked its first deal north of $100 million. But there are other luxury residential opportunities still available to any buyers coming to the market in the new year.

The standout sale was by logistics boss Paul Little and his wife, Jane Hansen, chancellor of the University of Melbourne, who offloaded their grand mansion Coonac in Toorak.

Although the home is yet to settle, well-placed sources have pointed to pharmaceutical billionaire Dennis Bastas as the buyer. At the time, he told this masthead he did not know anything about the transaction.

Settlement will also confirm the price, tipped by some to be as much as $135 million and others closer to $115 million. Kay & Burton’s Ross Savas and Gerald Delany have remained tight-lipped on the details.

Little and Hansen bought Coonac in 2002 for $14.5 million, and the home is set on one of the largest blocks in Toorak at about 1.09 hectares.

The deal resets values at Melbourne’s ultra-top end, where the previous record sale was a St Georges Road fixer-upper bought for a fraction above $80 million by crypto casino entrepreneur Ed Craven.

It remains to be seen how it compares to Australia’s top residential sales, led by a Sydney luxury apartment amalgamation in One Sydney Harbour at Barangaroo South that fetched $141.55 million in cash, and billionaire Atlassian co-founder Scott Farquhar’s sale of Elaine mansion and purchase of Uig Lodge for $130 million each time, both in Point Piper.

Another Toorak standout was a development opportunity that drew a buyer at more than $80 million.

The block of land with two houses was sold by directors of property development company V-Leader Weian Zhang, known as Andy, and Miaomiao Zhang, to Chemist Warehouse co-founder Jack Gance and his wife, Evelynne. Settlement will confirm the result, as so far only a lawyers’ caveat has been lodged and the listing remains online.

The Zhangs’ Toorak estate was listed for $80 million to $88 million.

Savas, with Jamie Mi and Nick Kenyon, would not divulge details. Neither would he discuss the reported sale of late billionaire couple Marc and Eva Besen’s Toorak home for about $50 million.

But speaking generally about Melbourne’s prestige market, Savas said suburbs such as Toorak continued to appeal to buyers looking for privacy, scale and architectural distinction.

“At the very top end, we saw extraordinary depth of demand, with exceptional homes attracting strong engagement and, in many cases, setting new benchmarks,” he said in a statement.

“High-net-worth families and private investors were making considered, long-term decisions, often prioritising irreplaceable land, architectural integrity and blue-chip positioning over broader economic conditions.”

The agency also reset the Brighton house price record with the sale of a beachfront home for $32.8 million – to the next-door neighbour, the Colman family. The suburb’s previous record was $31.6 million. The compound was first listed in 2022 for $46 million to $50 million.

The beachfront home reset the Brighton record.

One of the key homes still available for buyers in the new year is the Myer family’s Cranlana, which has a price guide of $96 million to $105 million. The right custodian is being sought to work within the heritage requirements on a renovation. Wealthy philanthropist Heloise Pratt’s Toorak home listing is still online, asking $58 million to $63 million.

Marshall White’s Marcus Chiminello is handling the listings, and reflected that Melbourne’s upper-end property market had been resilient this year.

“I think it was slower than we’ve seen in recent years, but it also demonstrates with some of those transactions that have occurred, the resilience of the prestige market in Victoria,” he said.

“We are undoubtedly a blue-chip state with incredible properties; we’re just going through a more challenging time than what we’ve seen previously. That won’t last long.”

Chiminello pointed to the sale of a contemporary six-bedroom Toorak home this year for $33,288,000, which he handled with Rob Curtain of Melbourne Sotheby’s International Realty, although neither have commented publicly on the owners.

This contemporary Toorak home sold for $33,288,000.

A caveat was first lodged citing a purchasers’ contract by Razia Haroon, whose husband is Azman Haroon, the boss of Chemist Warehouse in New Zealand. It was withdrawn – a well-placed source said the home was going to settle to Azman’s father – and the home settled to Abdul Haroon and Saiaz Haroon.

Chiminello handled another sale on the same street for $19.2 million to Hua Bai, and a $20.1 million sale on Macquarie Road from the Serry family to Xiaojun Luo.

Forbes Global Properties’ Michael Gibson also noted the mixed market this year.

“The year has been more challenging than 2023 and 2024, there’s no question of that,” he said. “I think the fact that the interest rate cycle has potentially turned again doesn’t help our real estate market. The state land tax has and continues to have a significant influence over the market for secondary properties and peninsula properties in particular.

“However, the AAA properties that are priced correctly are selling and selling well.”

He said the market had been particularly strong in Toorak in the $10 million to $15 million market, with serious competition for homes, but there had not been as many buyers at the upper end this year as last.

This Brighton home sold for more than its price guide.

Forbes in conjunction with Buxton Brighton brokered the sale of a six-bedroom home facing the Esplanade in Brighton. Gibson said the sale was competitive, without disclosing details. Built by developer Max Beck, the home was sold by Goldman Sachs executive Nick Sims and Georgina Sims to developer Lowe Living reportedly for about $25 million. Its price guide was $20 million to $22 million.

The agency also handled the sale of the Toorak home of Stephen Arvanitis, son of aged care mogul Peter Arvanitis, for $29 million to little-known Yan Xu.

“The Melbourne property market, like any market, has its cycles and I think we’re certainly at the lower point in a cycle,” Gibson said. “The next move, whenever it is, will be upwards.”