Toorak mansion sells for $14.25m at auction, $2.75m above reserve

A grand mansion in one of Toorak’s most prestigious streets has sold at auction for a whopping $14.25 million.

The five-bedroom, three-bathroom home at 34 Albany Road, owned by the same family for more than 40 years, had been listed with a price guide of $10.5 million to $11.5 million.

Listing agent Antoinette Nido from RT Edgar Toorak said strong buyer interest on the day, which included seven active bidders, saw it soar $2.75 million above the reserve.

SOLD - $14,250,000

34 Albany Road, Toorak VIC 3142

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“We quoted the property in accordance with what the available information was at the time, and it far exceeded that price,” Ms Nido said.

“There’s nothing like the auction process to determine the market price, and we saw good, strong, spirited bidding today.

“I think it exceeded those price expectations because of its rarity. Properties in this location don’t come up very often. It has been held by the same family for 43 years.”

Ms Nido said a couple with three young children outbid six other “very sorry” underbidders for the two-storey, classic English-style residence, which is a deceased estate.

“This result is also an indication of the strong demand at the top end of the market right now.  We’ve got plenty of buyers out there with a lot of money to spend and a lot of demand for triple-A grade properties and not enough stock,” she said.

The two-storey home, which features a spectacular entrance foyer with a grand circular staircase and views across Melbourne, was originally scheduled to go to auction last weekend.

“Due to the lockdown, we pushed it back a week,” Ms Nido said.

“There’s nothing like having a face-to-face auction at the top end of the market to get the competitive forces running.”

Ms Nido said she did not know if the new owners planned to renovate or rebuild the home, set on 1056 square metres of land, which includes a private garden and swimming pool.