An opulent Toorak mansion with a resort-style pool has fetched more than $9m in a lightning fast off-market deal to a secretive buyer.
Top Melbourne buyer’s agent David Morrell confirmed on Tuesday the lavish abode at 9 Montrose Court, Toorak, sold for $9.75m on August 1 — just 72 hours after RT Edgar agent Max Ruttner secured the listing.
Mr Ruttner refused to confirm the exact sale price or the buyer’s identity, saying they were a “very private” member of the local community.
The striking four-bedroom, three-bathroom pad is the former home of top landscape architect Jack Merlo, who designed the backyard and resided there before selling it to the vendor.
But Mr Ruttner said it was the land value that primarily drew the buyer to the home.
“These types of properties are rarely offered to the market and it’s north facing in a triple-A location in Toorak, and the buyer’s taking the view that the land value is going to increase over time,” Mr Ruttner said.
Buyer’s advocate to Melbourne’s rich and famous, David Morrell, said prestige Toorak homes were being snapped up faster than ever since the pandemic hit.
Low stock meant wealthy househunters were having to part with their cash quickly lest they face the prospect of missing out.
Sealing the deal quickly also had the added bonus of shutting out other prospective buyers early, meaning the new owner could hopefully avoid being pressured into paying too much.
“It can happen really quickly and a lot of the transactions I do are even faster than that,” Mr Morrell said.
“When a market is rising, you don’t wait to get involved in a competition, so you go, ‘here’s the offer, but it explodes at 5pm tonight’.”
A pool, home theatre, cellar, and huge open-plan living and dining area looking across the outdoor zone through walls of floor-to-ceiling glass are among the highlights.
Mr Ruttner said the deal showed demand was still raging in Melbourne’s prestige market despite the lockdowns.
“I think for anyone willing to sell in the next four to six months, there’s an opportunity to get a good price,” he said.
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