Cranlana Toorak: 'A sale like this could reset the market in Melbourne'
Australia’s luxury property market is ever-evolving, with legacy estates and waterfront sanctuaries poised to reset benchmarks across the country.
Among the most talked-about listings is the grand Edwardian estate at 62 Clendon Road, Toorak. With a price guide of $96 million to $105 million, it has the potential to be Melbourne’s first $100-million sale.
Known as Cranlana, this distinguished estate has remained within the Myer family – founders of the eponymous department store – for five generations. Now, it has entered the market for the first time in over a century, igniting significant interest among discerning buyers.
Spanning 11,366 square metres, Cranlana is the largest private landholding in Toorak, a suburb synonymous with prestige. Marcus Chiminello of Marshall White Stonnington, who is managing the sale, explains that Cranlana’s value lies not just in its size but also in its heritage and legacy.
“It’s unmatched in many other ways, not least for its history and connection to Melbourne,” he says. “Located on Clendon Road, often regarded as Toorak’s most prestigious street, the estate’s position only amplifies its exclusivity, setting the stage for an extraordinary outcome.”
Beyond its stone walls and wrought iron gates, Cranlana exudes grandeur. Its marble foyer leads into ballrooms, reception areas, and formal dining spaces, which boast fireplaces and garden views. Accommodation includes guest suites, a self-contained apartment, and housekeeper’s quarters.
“This property is attracting a diverse buyer pool, from local families to overseas buyers, primarily interested in the Toorak market,” says Chiminello. “Many weren’t actively searching but have emerged specifically for this opportunity, scrambling to get their affairs in order to participate in the expression of interest – a testament to how exceptionally rare Cranlana truly is.”
Cranlana’s crowning jewel is its expansive gardens, designed by Harold Desbrowe-Annear, a pioneering architect of Australia’s arts and crafts movement.
“Exploring Cranlana’s sunken garden with its century-old trees and formal lawns was as exciting for me as it was for potential buyers,” Chiminello shares. “With a tennis court, pool, and outbuildings – including stables and a workshop – there’s so much to discover.”
Cranlana follows the high-profile 2022 sale of 29-31 St Georges Road, which fetched $80 million, purchased by cryptocurrency entrepreneur Ed Craven as a knockdown for a custom-built home. While Chiminello brokered that record-breaking deal, he believes Cranlana’s historical significance and unparalleled scale could surpass even that.
“A sale like this could reset the market in Melbourne,” Chiminello reflects. “While Sydney is more accustomed to these price points, this marks a first for Melbourne. If any property is positioned to reach that benchmark, it’s Cranlana.”
While Melbourne’s prestige landscape breaks new ground, Sydney maintains its price dominance with its harbourfront locations. No. 50 Wolseley Road, Point Piper, is for sale with a guide of $100 million. Owned by BondiBoost founder Alexandra Jakob, the home proudly displays the city’s biggest drawcard – Sydney Harbour itself.
“Properties like 50 Wolseley Road exemplify the upper echelon of Sydney’s enviable lifestyle, offering panoramic views of the Opera House and Harbour Bridge, expansive terraces, and private waterfront access,” says Monika Tu of Black Diamondz Property Concierge. “Many buyers are drawn to the investment potential and status of owning a piece of Sydney’s iconic waterfront, which they see as surpassing other elite markets in Australia.”
Earlier this year, Point Piper saw another significant sale when 550 New South Head Road, an estate known as Elaine, changed hands for $130 million, sold by billionaire Atlassian co-founder Scott Farquhar. This cements the area’s reputation as one of Australia’s most expensive suburbs.
Further north, Queensland’s famed canal waterways and artificial islands reach their pinnacle at Sovereign Islands, catering to buyers seeking privacy, space, and ocean access. Among the most notable listings is Villa Vittoria at 26-34 Knightsbridge Parade East, with 106 metres of Broadwater frontage and a price tag of $35 million.
“Unlike Sydney’s slipways, Sovereign Islands appeals to those who prioritise deep-water moorings, ideal for luxury yachts and conceived with boating enthusiasts in mind,” says Ivy Wu of Ivy Realty. “Properties like Villa Vittoria also epitomise Queensland’s year-round sunshine, with its indoor-outdoor design, open-air terraces, and manicured gardens – spaces that can be enjoyed during every season, something not always possible in the southern states.”
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