The beachside Melbourne house, once owned by former St Kilda Football Club president Rod Butterss, has sold for about $20 million.
Kay & Burton agent Ian Jackson confirmed the sale last week of the 39 Seacombe Grove, Brighton, mansion “around the $20m-mark,” saying it was in line with what vendors John O’Halloran and wife Cathyann Coady were asking. They had paid over $11m for the house in 2006.
“We were happy to pass on interest above $18m, but at the end of the day, someone stepped up to where they were looking,” Mr Jackson told The Australian Financial Review.
Mr O’Halloran and Ms Coady asked for about $20m when they first put the five-bedroom Villa on the market a couple of years ago, but after it failed to sell they lowered their price.
Mr Jackson declined to disclose any more details about the sale, which beats Brighton’s previous-record $18m sale last year of 12 Moule Avenue, the house of former Gribbles chief executive Wallace Cameron.
Melbourne dwelling values rose 0.4 per cent last week, the most of any mainland capital tracked by CoreLogic RP Data. The market that seemed to be running out steam at the end of last year has rebounded and sales like the Seacombe Grove house show that demand remains strong even at the top end, which is less affected by interest-rate cuts and more by other indicators of wealth, such as the share market.
The nation’s biggest-ever housing boom is benefiting properties in the middle more than at the top end. Since the housing market recovered in the wake of the global financial crisis, prices in the top quarter of suburbs by ranked price have risen less than those in the middle 50 per cent, CoreLogic RP Data figures show. In Melbourne, suburbs in the top quartile rose 44 per cent between January 2009 and last month, while those in the two middle quartiles rose almost 53 per cent.