Cranlana Toorak: This sale may reset Melbourne’s market,
Australia’s luxury property market is constantly evolving.
Legacy estates and waterfront sanctuaries are set to redefine benchmarks throughout the country.
One of the most discussed listings is the grand Edwardian estate located at 62 Clendon Road, Toorak.
With a price guide ranging from $96 million to $105 million, it has the potential to achieve Melbourne’s first $100-million sale.
Known as Cranlana, this esteemed estate has been in the Myer family for five generations.
The Myers are the founders of the well-known department store bearing their name.
Now, for the first time in over a century, Cranlana has entered the market.
This has sparked significant interest among discerning buyers looking for unique properties.
Covering 11,366 square meters, Cranlana is the largest private landholding in Toorak.
Toorak is a suburb recognized for its prestige and exclusivity.
Marcus Chiminello of Marshall White Stonnington is managing the sale of this remarkable property.
He explains that Cranlana’s value comes not only from its size but also from its rich heritage and legacy.
“It’s unparalleled in many aspects, especially its history and connection to Melbourne,” he remarks.
“Situated on Clendon Road, often considered Toorak’s most prestigious street, the estate’s location enhances its exclusivity.”
This setting sets the stage for an extraordinary outcome in the property market.
Beyond its impressive stone walls and wrought iron gates, Cranlana radiates grandeur and elegance.
Its marble foyer opens into ballrooms, reception areas, and formal dining spaces.
These spaces feature fireplaces and stunning garden views, creating an inviting atmosphere.
Accommodation options include guest suites, a self-contained apartment, and quarters for housekeepers.
“This property is attracting a varied buyer pool, ranging from local families to international buyers,” says Chiminello.
He notes that many weren’t actively searching, yet have emerged specifically for this unique opportunity.
They are scrambling to get their affairs in order for the expression of interest.
This response highlights how exceptionally rare Cranlana truly is in the current market.
Cranlana’s crowning jewel is its expansive gardens, designed by Harold Desbrowe-Annear.
He was a pioneering architect of Australia’s arts and crafts movement, making the gardens even more special.
Receive the latest property news and advice directly in your inbox
“Exploring Cranlana’s sunken garden, with its century-old trees and formal lawns, excited me as much as it did potential buyers,” Chiminello shares.
“Featuring a tennis court, pool, and outbuildings, including stables and a workshop, there’s so much to uncover.”
Cranlana follows the high-profile 2022 sale of 29-31 St Georges Road, which sold for $80 million.
This property was purchased by cryptocurrency entrepreneur Ed Craven as a site for a custom-built home.
While Chiminello facilitated that record-breaking deal, he believes Cranlana’s historical importance and unmatched scale could exceed even that sale.
“A sale like this could reset the market in Melbourne,” Chiminello reflects.
“Although Sydney is more familiar with these price points, this sale would mark a first for Melbourne.”
If any property is poised to reach that benchmark, it’s certainly Cranlana.
While Melbourne’s luxury market breaks new ground, Sydney continues to dominate with its waterfront locations.
No. 50 Wolseley Road in Point Piper is currently for sale, with a price guide of $100 million.
Owned by BondiBoost founder Alexandra Jakob, this home prominently features Sydney Harbour, the city’s biggest drawcard.
“Properties like 50 Wolseley Road represent the upper echelon of Sydney’s enviable lifestyle,” says Monika Tu of Black Diamondz Property Concierge.
These homes offer panoramic views of the Opera House and Harbour Bridge, along with expansive terraces and private waterfront access.
Many buyers are attracted to the investment potential and prestige of owning a piece of Sydney’s iconic waterfront.
They view this opportunity as surpassing other elite markets across Australia.
Earlier this year, Point Piper experienced another notable sale when 550 New South Head Road, known as Elaine, sold for $130 million.
This property was sold by billionaire Scott Farquhar, co-founder of Atlassian.
This sale further cements the area’s reputation as one of Australia’s most expensive suburbs.
Further north, Queensland’s renowned canal waterways and artificial islands reach their pinnacle at Sovereign Islands.
This location caters to buyers seeking privacy, space, and direct ocean access.
Among the most notable listings is Villa Vittoria, located at 26-34 Knightsbridge Parade East.
This estate boasts 106 meters of Broadwater frontage and carries a price tag of $35 million.
“Unlike Sydney’s slipways, Sovereign Islands appeals to those prioritizing deep-water moorings,” explains Ivy Wu of Ivy Realty.
These moorings are ideal for luxury yachts and are designed with boating enthusiasts in mind.
“Properties like Villa Vittoria exemplify Queensland’s year-round sunshine,” Wu adds.
This home features an indoor-outdoor design, open-air terraces, and beautifully manicured gardens.
These spaces can be enjoyed in every season, which is not always possible in the southern states.
