Mansion smashes house price record

A sprawling mansion in Melbourne’s south-east has broken the record for the city’s highest selling property, at a whopping $52.5 million.

Stonington Mansion in Malvern was sold to a Chinese buyer by art dealer Rod Menzies for the eye-watering price, which has trumped the previous record of $40 million set for a home in St George’s Road in Toorak last year.

The property, built in 1890 for John Wagner, the head of the Cobb & Co coach business, sprawls over 1.2 hectares.

It was acquired by the state government in 1901, and used as the Governor’s residence for 30 years.

It’s also spent time as Australian Government House, and was put up for sale in 2006 by Deakin University.

Adam Docking from the Real Estate Institute of Victoria said the sale is indicative of the strength at the top end of the market.

“It’s absolutely a good investment. It’s a substantial portion of land, the property itself, the premium end of the market. Bricks and mortar are still the best investment,” he said.

“There’s definitely growth in the inner-city market.”

There’s been no indication as to what the new owners plan to do with the property, however numerous permits would need to be granted given its status on the Victorian Heritage register.