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. You should 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 $25 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. In practical terms, most foreign buyers are now limited to. New Homes, off-the-plan properties and vacant land.
At the $20,000,000 price point, the Standard Victorian stamp duty is $110,000 + 6.5% of the amount above $2 million. So, on $20,000,000, an estimated stamp duty amount of $1,280,000 AUD is payable to the Australian Government.
This does not include the Foreign purchaser’s additional duty, if applicable. Transfer and registration fees, or legal and conveyancing costs. At $20M, expect the FIRB fee to exceed $360,000 and potentially materially more depending on the asset type and structure.
FIRB approval currently takes around 30 to 90 days, so timing is critical. The application should be lodged early and aligned with the contract conditions and settlement period. I would never recommend buying before you have been granted approval from the FIRB board.
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 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 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 quietly 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
