1. Brighton Victorian Villa Lists for $5m Two Years After Selling for $7m

    ‘Rolvenden’, a c1888 Victorian villa on nearly a half acre block at 139-141 New Street came to market this week. What is surprising is that the asking price is $2m less than the property’s $7.0m sale price back in 2010. Surprising to the Radical Terrace, the listing agent actually responded to our pricing enquiry letting us know that they “don’t have market feedback as yet, but…expect buyer interest to be in excess of $5 million dollars.” Don’t have market feedback? Doesn’t a 2010 sale of $7m indicate a pretty close comparable, seeing that it’s the same house?

    Also a bit surprising is the agents’ recycling of its old 2010 listing photos of the property. Granted, those pictures are sufficient in displaying the positive attributes of the home, but definitely leave questions on the current state of the property on the table, especially when such a drastic price cut in involved. The 5-bedroom, 6-bathroom home comes with a very unique garaging/carriage house accessed via a large pebbled driveway. The home was renovated extensively between its 2003 sale of $2.005m and its 2010 sale of $7.0m. 

    The home itself is perhaps the most prominent - and certainly the largest - on a relatively desirable stretch of New Street, otherwise characterised by more modest $2m-$3m villas on far smaller parcels. As is typically the case with anomalously large historic homes in inner suburban locations, Rolvenden was among the first to be developed in its pocket of Brighton and sat in relative isolation for its first 30 years. MMBW maps dating to the turn-of-the-century reveal just a modest neighbour to the north, the stately Victorian Italianate ‘Bronte’ to the south (now situated at 2 Sussex Street), and a small handful of homes directly across the street. 

    The listing: ‘Rolvenden’, 139-141 New Street, Brighton

    Click below for more listing images and the property floor plan.

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  2. A Rare Loser in South Yarra: What Once Was $4.5m is Now $3.8m

    It’s never a good thing to sell a home for less than your purchase price. And, to be honest, it’s a bit surprising to find such an example in South Yarra. Nonetheless, they do exist as is evidenced with the recent listing of 9 Kensington Road. The home was purchased by its current owners for $4.5m in April 2010 and now agents Mark Wridgway and Jeremy Fox of RT Edgar are shopping around for humbler $3.8m+ expectations (unless, of course, they’re underquoting…which is a whole different story altogether…). The 4/5-bedroom terrace is well-renovated, comes with a rare single car garage, and is situated on Kensington Road, one of South Yarra’s original powerhouse streets of prestige residences, now dominated by regal terraces and desirable apartment blocks (with a few notable mansions at the far northern end of the cul-de-sac). The interiors were designed by Stuart Rattle and feature a conservatory overlooking the urban courtyard garden and plunge pool (which is perhaps the most unique trait of this terrace).

    When one encounters a listing at a loss, the first thought is that the owners overpaid. However, #9’s next-door neigbhour #7 on an identical sized lot lacking off-street parking traded hands several months earlier in 2010 for $4.15m, making the $4.5m purchase price of 9 Kensington in 2010 seem justifiable. 

    We’ll be eager to see the price at which this property trades at its auction in a few weeks.

    The listing: 9 Kensington Road, South Yarra

    Click below for more images and a FLOOR PLAN!

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  3. A Pre-Land Boom Mansion Hits Market with $3.5m+ Expectations

    Despite being laid out in 1837 by Robert Hoddle soon after he surveyed the Melbourne CBD grid, East Melbourne was not developed until the 1840s. Land was laid out for numerous religious and educational institutions (few of the latter still exist) and parkland. By the time gold was discovered in Victoria, members of the city’s growing professional class had colonized East Melbourne as the city’s first prestigious suburb. Jolimont Terrace, the location of the featured property, is situated across from the Melbourne Cricket Ground, initially laid out as a “Government paddock” but quickly morphed into a cricket ground in 1853. And although it is quite clear that the road was laid out as early as 1866 (see isometric view below), development of the street occurred primarily in the 1870s and early 1880s. Homes were constructed of solid stone construction and included prominent mansions (eg. Inveresk, c.1877) and well-regarded row houses. Anecdotal evidence (the engraving at the top of 40 Jolimont Terrace) reveal that the subject property was built at the dawn of the land boom in 1882. Given the terrace’s generous width, protruding bay window, and grand proportions, it was likely not a speculative build. 

    The four bedroom home comes with a car spot and a master bedroom with ensuite. More importantly, the mosaic tile in the entry foyer seems to be original (or a damn good re-creation) and is nothing short of stunning. 40 Jolimont Terrace last sold for $1.55m in Aug 2001 and appears to have been renovated around that time. Now, RT Edgar Toorak agents Tim Wilson and Jeremy Fox are taking the property to auction with expectations around $3.5m.

    1866 isometric view of Melbourne (above) showing the location of Jolimont Terrace before its build-out. A mid 1880s map (below), showing the present day roads that comprise the Jolimont neighbourhood.

    See more photos of the property, floor plan, and listing information below.

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  4. Sky High Pricing in East Melbourne: A $5.5m+ (Attached) Terrace

    123 Gipps Street, an elegant William Pitt-designed c1887 4-bedroom Victorian Italianate terrace situated in patrician East Melbourne, is back on the market once again. We’re not sure what it is about this home that lends itself to constant flipping, but in the last 7 years the home was traded hands three times:

    1. Oct 2005: $2.15m;
    2. Aug 2009: $2.85m; 
    3. Jan 2011: $3.1m. 

    However, this time, RT Edgar listing agents Jeremy Fox and Andrew Smith have set the pricing bar a bit higher. The duo are seeking outlandish $5.5m+ expectations. The Radical Terrace can think of no comparably sized terrace in East Melbourne or South Yarra to have traded in this range. In fact, based on our research, few single-family homes have traded above $5m (thanks be to tightly-held mansions, the Morgan Family’s George Street abode comes to mind). Let’s have a look at the other $5m+ sales in the 3-0-0-2:

    • $5.0m: 99 Hotham Street (a larger, detached terrace), June 2010
    • $5.5m: 181-189 Gipps Street (still bouncing on and off the market, this detached home is over twice the size of 123 Gipps), June 2007
    • $6.0m: 178 George Street (it’s a mansion, c’mon folks), March 2006
    • $10.5m: 118 Gipps Street (yup, across-the-street neighbour sold for a famously high price; then again, it’s one of Melbourne’s most well-known and well-preserved town mansions), August 2007

    Does 123 Gipps Street belong in this club? We presume a renovation (of indeterminate date) that brought ‘Casa de Maria’ lots (and lots) of marble, the home’s 2 car spaces, and a location on well-maintained block devoid of apartment blocks have allowed Jeremy and Andrew’s pricing hopes to flutter high. But the jury is still out if the vendors (and agents) get so lucky. The listing: 123 Gipps Street, East Melbourne

    Marble.

    And more marble.

    Few things say “$5m” as well as an uncovered carport. 

  5. South Yarra Stunner Lists for $5.5m+

    Situated in a quirky pocket of mid-century apartment blocks and modern townhouses, ‘Barwon’ - an elegant c1881 Victorian mansion on 1266sqm of South Yarra land listed with price hopes around “in excess of $5.5m”. The Percy Oakden-designed and heritage-listed home traded back in Feb 2005 in less-than-stellar shape for $2.8m. Extensive renovations have gone on in the years since 2007 when the first of permits was submitted to Heritage Victoria; and the result is Radical Terrace-approved. The four bedroom home includes a massive master with ensuite, pool, pool house, an exceedingly discrete double car garage, and interiors featuring a collection of different flooring materials that work well together from polished aggregate concrete to distressed and polished floor boards. The seemingly reasonable house price likely suggests Barwon’s situation on a slightly drab block, as opposed to the more desirable Domain-adjacent location of 58 Millswyn, a (creepily) similar South Yarra Victorian mansion asking over $8m. Even still, we’d take ‘Barwon’ over Millswyn any day. 

    Jeremy Fox and David Colbran of RT Edgar Toorak have the listing: 38 Cromwell Road, South Yarra

  6. Edzell House Chops, Wants $8m+ For Yarra Frontage

    Last November, it is the Radical Terrace’s understanding that ‘Edzell House’, a landmark 1891 Reed Smart & Tappin designed Queen Anne home at 76 (-86) St Georges Road sold for $11m. During Edzell House’s multi-year marketing campaign, plans for subdivision were flaunted. Most notably, MGS Architecture-designed plans for a riverfront abode with 5-bedrooms and a copper roof were revealed.

    Fast forward to today, and up appears a half-acre (1800sqm) block of land (without any council approved plans being advertised) listed through RT Edgar agent David Colbran for $8m+. It’s a big price, indeed. And even though this property scores an uber-prestigious St Georges address (a hyphenated one at that!), comps for this block of land likely sit on the less-salubrious Yarradale Road (where number 15 sold for $6.75m in Jun 2011 and sat on a river-fronting 3,160sqm block of land nearly twice the size of the featured property), Edzell Ave, and the other even, high-numbered homes of St Georges Road. Surprising to some, Yarra River frontage was notably less desirable at the time of subdivision of the great estates in the inter-war years (Edzell House was originally on 70 acres) due to the low-lying and dank location adjacent to the quasi-industrial and smelly Yarra River. Perhaps better comps for this chunk of land lie off Coppin Grove in Hawthorn where some of the larger river front estates remain undivided and sit at a higher elevation (12 Coppin Grove sold for $17m in Jul 2011 and is now looking to chop off 3,000sqm of the original 5,000sqm title for $7m+), #21 for $10.75m in 2002, and three other sales between $5 and $10m in the last five years). All in, the acquirers of 76 St Georges Road are likely very happy with themselves; seeing that if they score their desired asking price, they will - in effect - have purchased the Edzell Mansion for a paltry $3m. 

    Check out the old renderings of a possible home at 82-86 St Georges Rd, courtesy of MGS Architects via 76 St Georges Road’s old listing site (that’s surprisingly still live to our good fortune):

    The listing: 82-86 St Georges Road, Toorak

  7. Tennis Tetris, Anyone?

    Can you imagine the couples tennis rivalries that exist on Hawthorn’s Kooyongkoot Road?!? 

    Having a tennis court adds value to a house, right? Sure, it makes sense. Another amenity, another drawcard, a status symbol, tennis courts are synonymous with prestige real estate in Australia (especially in Melbourne). But is there a point in which a tennis court detracts from a home’s value? Why do so many homeowners add a tennis court at the expense of a pool, lawn, or even a driveway?!?   

    Enter the just listed 34 Ellsa St in Melbourne’s Balwyn North…

    Situated in the sought-after Balwyn High School zone, the home is your run-of-the-mill Balwyn North McMansion: Neo-Classical-French-Chateau-Revival architecture, 5-bedrooms, underground 4-car garage, and tennis court. But not just any tennis court; unfortunately for 34 Elssa St, they couldn’t quite squeeze in a doubles tennis court, so a singles court had to suffice. Was the tennis court addition really worth it? Wouldn’t the family Labradoodle Fido or children Hamish and Edwina gain more utility out of a grassy lawn? Paul Pfieffer and Mark Wridgway of RT Edgar Toorak have the home & singles court listing and want a cool $2.4m+ for the property. 34 Elssa Street, Balwyn North 

    Seeing the above tennis court sandwiched into the property makes you think: would a plain and simple garden or a level lawn bump the price of this property? Is a tennis court only a value-add improvement where significant excess land exists? And if so, are there any precedents where a home has sold for a higher price after a tennis court has been removed? Now enter ‘Carrara’, one of Sydney’s indisputable trophy properties, and a home that has traded hands enough times (3) in the past 20 years to serve as a bellwether for Sydney harbourfront real estate. Carrara first appears on our pricing radar in 1993 when the home sold for $8.5m. Fast forward to July 2006 and the two-storey manse high above Sydney Harbour and Milk Beach sold for $22.3m, the second-highest price sale of the year behind the $24m sale of the iconic ‘Bang & Olufsen’ house on Wolseley Crescent, Point Piper. In 2007, the new owners of Carrara lodged a $144k Development Application to Woollahra Council including “replacement of the tennis court with a landscaped area.” Speed up another three years and in May 2010, Carrara sold for $26.7m, with its tennis court replaced with a flat, grassy expanse (see below images).

    Carrara as seen from the Harbour

    Tennis court-turned-“landscaped area”

    No tennis played here.

    Looks good to us. Now stay tuned, the Radical Terrace will find our favourite examples of Tennis Tetris and provide y’all with a sexy slideshow. 

  8. Church-Turned-Loft Hits Fitzroy Market; Wants High $2 Mils

    A unique church-turned-house in the uber-trendy Fitzroy has hit the market in the past week and is clearly the most expensive property currently on the market in Melbourne’s own hipster-ville. Fitzroyalty will be proud that many period detailing remains from the various incarnations of the bluestone and plaster 1860 structure, and it’s not surprising that the transformation of the church has been featured on several blogs already. The three bedroom home (with one very large master suite) comes with a very rare 6-car garage in the rear.

    The property is cross-listed with RT Edgar Toorak (agents Sarah Case and Warwick Anderson) and Nelson Alexander Fitzroy (agents Rick Daniel and Arch Staver), potentially revealing the owner’s strategy to capture the attention of both Toorak/South Yarra buyer and a Northern ‘burbs buyer. Unfortunately for the hipsters apart of the Fitzroyalty, the asking price in the high-$2mils means that most are priced out. 

    278 Gore Street, Fitzroy

  9. Mon Rêve - An Armadale Art Deco Landmark - Lists for $7m+

    It’s on one of Armadale’s two undisputed best streets (even if neighbouring Flete Ave holds the suburb record at $14m for 6-10 Flete Ave) - Hampden Road (the other being Huntingtower Rd, natch) - and the property has most certainly been extensively renovated. The broker babble (and Google searching) doesn’t provide much insight into the property beyond the typical: “Outstanding restored Art Deco mansion on approximately 1854m2 of land with North/South tennis court, indoor pool, bay views and 4 level lift.” Bay views? Really? From Armadale? I learn something new every day.

    The indicative pricing I found for the home hovers in the $7m+ camp, which for once, is lower than I would have expected for such a prominent location. I wouldn’t be surprised if the expectations were closer to the $10m mark. Hopefully Title Tattle or the broker will get more dirt that Radical Terrace can share soon. 

    Warwick Anderson and Mark Wridgway of RT Edgar Toorak have the listing. The vanity URL doesn’t seem to be working yet, but maybe it will soon: www.35hampdenrdarmadale.com.au/. In the meantime: check it out here.

    PS. One thing Warwick didn’t mention about the property is the “bold” and “modern” garden designed by Phil Johnson, fully sustained by water found on site. 

  10. RT Edgar’s Oops Moment

    We know Toorak is desirable, but…really? Jeremy Fox and David Colbran of RT Edgar Toorak took the power of a suburb a bit too far, falsely listing a Prahran house at 4 Grandview Grove as Toorak. Granted, it’s a pretty damn nice Victorian Italianate “mullet” house; it’s well-renovated, features polished concrete floors and a slick backyard pool. And Grandview Grove is the least Prahran-like Prahran street, but straight-up calling it Toorak is a bit of a stretch. I mean, you may be able to get away with Armadale, but Toorak? Then again, at $4.8m+, it’s asking quite a Toorak price…

    The listing: 4 Grandview Grove, PRAHRAN