The top end of the Toorak market operates by different rules. If you’re considering a purchase of $20 million or more, the process, risks, and opportunities look nothing like a standard transaction. Here’s what I see on the ground and what buyers consistently underestimate before they start.
For buyers who have the right representation, the $20M+ segment in Toorak offers a depth of quality and a long-term capital argument that very few markets in the world can match.
The market above $20M is frequently off-market.
If you’re waiting for a listing to appear on the major portals, you’re already behind. At this price point, the overwhelming majority of transactions happen quietly between agents, between networks, between people who already know each other.
This isn’t a strategy sellers adopt reluctantly. It’s deliberate. Owners of significant Toorak homes have no interest in public exposure, extended campaigns, or open inspections that bring strangers through their property for months. They want a small number of serious, qualified buyers.
What this means in practice: if you don’t have an agent with genuine relationships in this market, you won’t see everything that is available. The properties that do appear publicly at $20M+ are often the ones that didn’t find a buyer off-market first, or where a vendor has specific reasons to run a full campaign.
Land is a key driver at the top end of the market.
At this level, buyers are often drawn to the land’s size, architectural appeal, finish quality, and specification list. That’s understandable. But the variable that drives long-term capital performance in Toorak is land, not bricks.
A 1,000 sqm landholding in a premier street holds its value through renovation cycles, market downturns, and changes in taste. The home on top of it is often replaceable. The land is not.
This is why the most consistently strong performers at the top of the Toorak market are not necessarily the most finished homes; they are the ones sitting on the best land in the best streets.
When I evaluate a property at $20M+, the first question I ask is. What is the land component of this price? What is the street’s cache? Have there been any comparable landholdings trading recently? If the home disappeared tomorrow, what would a developer or a rebuilder pay for the site? That provides you with a starting point.
Meaningful land size performs best!
Homes with strong land content in the $10–30M range in Melbourne are still selling. Homes without it, particularly over-capitalised renovations on modest land in secondary streets, are finding it harder to sell in Toorak.
I’m currently seeing numerous Toorak homes in the $10–30M range that have been listed for six to nine months with little movement. The common thread is not price alone. It’s that buyers at this level have become more discerning about what the land actually justifies. They are not overpaying for improvements.
The lesson for buyers: don’t let a spectacular fit-out distract from a mediocre landholding. And don’t let a tired home on a brilliant block put you off; that’s where the opportunity often sits.
City views in Toorak are genuinely rare.
One feature that comes up repeatedly with buyers from Sydney, Hong Kong, and Singapore is outlook. They are accustomed to paying a significant premium for water views or skyline views, and they apply that same logic in Melbourne.
Toorak is a suburb dominated by established tree canopy and relatively flat topography. Fewer than 5% of houses, not apartments, offer a genuine CBD skyline view. When that rarity appears in a new build at scale, it can command a higher price.
I recently inspected a new residence at 26 Grange Road, Toorak, sitting in 1,330 sqm of land, over 1,100 sqm of internal living, designed by Drew Cole Architects, built by Paragon Development Group, and landscaped by Jack Merlo. City views from almost every level. Priced at $24–26 million. A property like that isn’t competing with the suburb median. It’s competing with the best new residential construction in the suburb.
For buyers at this level, understanding why a property is rare, not just that it’s expensive, is the difference between a good acquisition and a great one. Build quality can vary in Toorak at this level. Not all are created equal.
The due diligence process is more complex than buyers expect.
Purchasing at $20M+ in Victoria involves layers of due diligence that standard residential transactions simply don’t encounter at the same intensity.
Planning overlays in Toorak are significant. Heritage overlays, neighbourhood character overlays, and vegetation protections all affect what can be done with a property over time. Buyers who intend to renovate, extend, or rebuild need to understand what they’re acquiring and what the council will and won’t permit before contracts are exchanged.
Stamp duty at this price point is material. On a $25 million purchase, Victorian stamp duty runs to approximately $1.45 million. Factor that into your acquisition cost from day one.
If you are purchasing through a company or a trust, the compliance requirements are specific, and the legal advice needs to be equally specific. SMSF acquisitions at this level involving business real property or co-ownership arrangements require careful structuring.
If you are considered a foreign person under Australian law, including non-residents, most temporary visa holders, or companies and trusts with significant foreign ownership, you must obtain Foreign Investment Review Board (FIRB) approval before signing a contract.
This is mandatory. Penalties for non-compliance can include large fines and forced sale of the property.
FIRB application fees are non-refundable and increase based on the purchase price.
On a $20 million property, the fee for a new dwelling is significant. For established homes, the fee is even higher. From April 2025, foreign buyers are effectively banned from purchasing established dwellings, except in very limited circumstances.
Negotiation at the top end works differently.
At $20M+, the variables become significantly more complex. The deals can often take weeks or months to negotiate. This is driven by demand levels and buyer sentiment.
Settlement terms matter more than buyers often realise. A vendor holding a property of this significance may have specific preferences around timing. An extended settlement, an early access arrangement, or conditions tied to their next purchase. Flexibility on these terms can be worth hundreds of thousands of dollars in the negotiation.
Conditions of sale are also scrutinised more carefully by vendors at this level. A conditional offer with a long due diligence period from an unknown buyer is far less attractive than a clean offer from a buyer with demonstrated capacity and a credible buyer agent. When representing buyers, our reputation helps with your credibility as a buyer, which is part of your offer.
I’ve seen vendors at this level accept a lower price from a known buyer over a higher price from an unknown one. Certainty of completion is a real variable.
What to look for and what to avoid!
✅ Premier streets with limited future supply ( St Georges Road, Lansell Road, Albany Road Clendon Road)
✅ Meaningful land size, think 1,000sqm or above in core Toorak.
✅ Rare attributes: city views, significant elevation, north-facing orientation, corner positions, security and privacy are expected.
✅ A team that has credibility, a builder, an architect, and a designer. At this level, they should be known to the market and have a proven track record.
✅ Established homes with authentic period character on exceptional land are low in supply.
Approach with caution:
✅ Over-capitalised renovations where the cost of improvements significantly exceeds what the land justifies
✅ Properties that have been on the market for more than 120+ days at this price point, you must understand why
✅ Sites with planning constraints that limit future use or development.
✅ Homes that are priced on replacement cost rather than comparable sales.
The opportunity right now.
Melbourne has been undervalued relative to Sydney at the top end for a long time. A Toorak estate, Coonac on Clendon Road, transacted off-market in 2025 for between $115 million and $125 million, leading Australia’s national top 20 for the year, for the first time.
That result didn’t come from nowhere. It reflects years of accumulated demand from high-net-worth buyers who have been watching Melbourne and moving when the right asset appears.
If you’re considering a purchase at this level and want an honest assessment of what’s available, what it’s worth, and how to approach it, I’m available for a direct conversation.
I’m Andrew Date, the founder and Senior Advisor at Industry Insider Property, Toorak. Industry Insider Property acts exclusively for buyers & advisors, sellers in Melbourne’s prestige and luxury residential market.
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
