Melbourne has officially taken the crown as home to Australia’s most expensive residence with the landmark estate of Coonac selling for approximately $150 million. This quiet, yet notable, transaction eclipsed the previous national record by around $20 million.
Owned by billionaire property developer Paul Little and his wife, Jane Hansen—who also serves as the chancellor of the University of Melbourne—the Italianate mansion's sale marked a significant moment for the Melbourne property market. The couple purchased Coonac back in 2002 for $14.5 million and have since executed extensive renovations to transform the property.
The mansion, originally built in 1867 for Victorian businessman Robert Bruce Ronald, offers 20 rooms and luxurious features such as extensive gardens, a tennis court, and swimming pool facilities. It was recognized by the Victorian Heritage Council for its architectural significance, bridging the design between simple Italianate styles and the elaborate mansions of the post-gold rush era.
The sale not only set records for residential properties but also reshaped the competitive real estate scene between Melbourne and its rival Sydney. Previously, the title of Australia’s most expensive home was held by two properties, each sold at $130 million—both situated in Sydney’s elite Point Piper neighborhood. With Coonac changing hands, Melbourne now boasts properties valued over $100 million, placing it firmly on the map for luxury buyers.
According to industry insights, the price tag for Coonac ranges from $115 million to the confirmed $150 million. This considerable price hike underscored the growing confidence among homeowners and investors about the strength of Melbourne’s luxury market, particularly concerning iconic properties like Coonac.
For reference, the highest recent sale price for property had been set just above $80 million, achieved by cryptocurrency entrepreneur Ed Craven for another property, also located in Toorak. Coonac’s sales tax ramifications—including expected stamp duties between approximately $7.45 million and $9.73 million—will add significantly to the Victorian government’s coffers.
Industry sources indicate there has been heightened interest even prior to the final sale. Just over a year ago, prospective buyers were exploring Coonac at around $100 million, though the owners eventually opted against selling at the time.
Little and Hansen's former estate neighbors notable historical monikers as it sits on one of the largest blocks of land available at about 1.09 hectares. Toorak has made headlines earlier for the largest recent transactions with nearby properties fetching upwards of $40 million.
The completion of the sale is expected to send ripples through Melbourne’s real estate dynamics, as it lights up discussions around the increasing demand from both domestic and international buyers for distinguished luxury homes.
Kay & Burton, the agency believed to have facilitated the sale, has remained tight-lipped about details. Their managing director, Ross Savas, had elaborated, stating, "The luxury property market has thrived over the past 12 months, driven by strong demand from Kay & Burton’s private client network of both domestic and international buyers."
"A deal of this nature can significantly affect the buyer confidence and price negotiations for similar properties moving forward."
A prominent Melbourne agent, Antoinette Nido, remarked on the significance of such high-value sales, calling it “without doubt Melbourne’s premier property”. She expressed hope this sale would reinvigorate the luxury segment of the city's real estate scene, stating, “It would be a game-changer.”
Moving forward, this market shift may attract additional high-net-worth individuals targeting top-tier properties like Coonac. Meanwhile, other estates such as the Myer family’s Cranlana are still on the market, boasting hefty price tags between $96 million and $105 million, indicating the competitive nature of Toorak’s luxury housing.
While it remains to be seen how many more multi-million dollar transactions will occur within Melbourne, the momentum appears promising, reinstancing the city’s status as one of Australia’s prime locations for opulent living.