Today I attended two of Toorak’s most significant auctions. For the first time since 2022, an Auction above 8M played out in the street. Both homes passed in. Here’s what I saw and what it means.
7 Russell Street, Toorak, Guide $8.5M–$9.0M on 1,095m², an Executor’s Sale. This distinguished classical residence with formal and casual living, marble bathrooms, north-facing gardens and a pool, with genuine scope to renovate, build or redevelop (STCA). Well attended at the auction. Zero bids.
88 Grange Road, Toorak, Guide $7.0M–$7.7M | 1,115m² A large Six-bed, seven-bath A substantial, solid brick period home with multi-generational living across three floors, lift access, heated pool, self-contained upper-level accommodation and gourmet Miele kitchen. Well attended. One bid at $7,000,000, and then it passed in. Post-auction interest in the range, but no contracts signed, and the buyers walked away.
Two Toorak properties on over 1,000 sqm of land. Two passed-in results. Zero competitive bidding between them. This is what a buyer’s market looks like in Toorak’s market.
Deals at this level take time, and the method of sale and price guides matter at this upper end of the market.
When well-attended auctions at the $7M–$9M price point generate minimal bidding activity, the negotiating dynamic has fundamentally shifted. Vendors will need to recalibrate. Buyers who are prepared and move now rather than wait are in the strongest position they’ve been in for years.
You might also like this article: Can you really find value in Toorak?
We have a list of OFF-MARKET properties and years of negotiating experience that can give you an insider’s advantage when buying in Toorak.
I’m Andrew Date, Director of Industry Insider Property Toorak.
If you’d like to understand what today’s market means for your acquisition strategy, I’d be happy to have a conversation. 0402 346 810 andrew@industryinsider.com.au
