Toorak Mansion grabs title of most expensive home in Melbourne

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A Toorak mansion has garnered $40 million as its selling price, which is a record of sorts in the Melbourne residential realty market. This big deal makes the house the costliest property in Melbourne and going by reports, local residents are not surprised at the turn of events.

There is no official information on the new owners of this beautiful mansion but locals are unsurprised about the hefty price tag. The house on St. Georges Road encompasses 4,000 square meters of prime land in the city. The huge mansion was last sold for $4.9 million in the year 1995 and the value of the same has gone up by more than 800% ever since.

A confidentiality contract has already been signed with the real estate agent dealing in this property and no official details have been revealed as a result. Eddie Young, the spokesman for the Toorak Residents Action Group has stated that the sales price has broken the previous record of $26.2 million in Victoria. However, local residents are still anxious about the impending future of this gorgeous mansion. They point at another neighboring mansion, which was demolished around two years earlier. Construction work has not been finished at this neighboring property till now.