The Australian luxury real estate market has been shaken by the rumored record-breaking sale of Toorak’s prestigious mansion, Coonac. Owned by businessman and former Essendon Football Club president Paul Little and his wife, Melbourne University chancellor Jane Hansen, the grand estate has reportedly been sold for an astonishing figure ranging from $115 million to $150 million. If confirmed, this transaction would not only set a new benchmark for Melbourne but could also challenge the highest property sale in Australia.
In this article, we delve into the details of the sale, the historical significance of Coonac, and the implications for Melbourne’s luxury property market.
The Prestige of 'Coonac' Mansion
Coonac is one of Melbourne’s most iconic properties, situated in Toorak, an elite suburb known for housing some of Australia’s wealthiest individuals. The estate is considered among Melbourne’s top-tier residences, with an 11,000-square-meter allotment that defines luxury and exclusivity.
A Historic Sale: Breaking Records
The rumored sale of Coonac has the potential to shatter several records:
Property | Location | Year | Sale Price | Owner/Buyer |
Coonac Mansion | Toorak, VIC | 2024 | $115M - $150M | Undisclosed |
St Georges Rd Home | Toorak, VIC | 2022 | $80.88M | Ed Craven |
Point Piper Mansion | Sydney, NSW | 2022 | $130M | Scott Farquhar |
Even at the lower end of the speculated price range, Coonac would exceed the previous Melbourne record of $80.88M, set by crypto casino boss Ed Craven’s 2022 purchase of a home in St Georges Rd, Toorak. If the higher-end estimate of $150M proves accurate, it would surpass the $130M record set by Atlassian co-founder Scott Farquhar in Sydney’s Point Piper.
What This Means for Melbourne’s Property Market
According to leading real estate agents, this transaction signals strong confidence in Melbourne’s ultra-luxury housing sector. Experts believe that this could reshape the landscape of high-end real estate, drawing more international buyers into the market.
Industry Insights:
- Antoinette Nido (Sotheby’s International Realty): “Coonac is undoubtedly Melbourne’s premier property. A sale of this magnitude would be a game changer.”
- John Bongiorno (Marshall White): “The market is seeing unprecedented demand for ultra-high-end properties.”
- Ross Savas (Kay & Burton): “Melbourne’s luxury sector has thrived in the past year, and we anticipate further growth.”
With Melbourne’s growing high-net-worth population and increasing international interest, this sale underscores a shift towards premium real estate investments.
The Future of Melbourne’s Luxury Real Estate
While only a handful of properties in Melbourne are capable of commanding a $100M+ price tag, the Coonac sale suggests that demand for ultra-luxury homes remains strong. The market is seeing a shift where exclusivity, land size, and historic significance play a critical role in determining value.
Some notable properties currently listed or sold include:
- Cranlana – The Myer family’s historic home, listed at $96M-$105M.
- Simonds Hall – A South Yarra property purchased by Little & Hansen in 2018 for $19.25M, currently undergoing renovations.
FAQs About the Coonac Mansion Sale
- Who previously owned Coonac?
Coonac was owned by businessman Paul Little and Melbourne University chancellor Jane Hansen.
- Why is this sale significant?
It could set a new real estate record for Melbourne, surpassing all previous high-end property sales.
- What makes Coonac so valuable?
Its massive 11,000sqm land size, location in elite Toorak, and historical significance contribute to its immense value.
- Who bought the mansion?
The buyer remains undisclosed as of now, but speculation suggests it could be an international high-net-worth individual.
- What impact will this sale have on Melbourne’s real estate market?
It reaffirms the strength of Melbourne’s luxury housing sector and could attract more ultra-wealthy buyers to the city.
Stay updated with JasNewz for the latest insights on luxury real estate and property trends in Australia.
Coonac was owned by businessman Paul Little and Melbourne University chancellor Jane Hansen.
It could set a new real estate record for Melbourne, surpassing all previous high-end property sales.
Its massive 11,000sqm land size, location in elite Toorak, and historical significance contribute to its immense value.
The buyer remains undisclosed as of now, but speculation suggests it could be an international high-net-worth individual.
It reaffirms the strength of Melbourne’s luxury housing sector and could attract more ultra-wealthy buyers to the city.
Stay updated with JasNewz for the latest insights on luxury real estate and property trends in Australia.
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