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Selling the rich history of an iconic Australian property

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When it comes to the world of luxury real estate, closing a deal can be as nuanced as it is cutthroat. That’s how one of Melbourne’s top production teams sold a multi-story mansion in one of the area’s most sought-after suburbs.

The OMS: With nearly 80 years of combined experience in luxury property sales and marketing, the Private Property Global management team of Michael Gibson, Ken Jacobs, Tracey Atkins and Robert Fletcher have amassed a long list of satisfied clients including some of the Australia’s most elite residents. . Authorities in Victoria’s luxury markets, the team specializes in Melbourne’s most sought-after neighborhoods and suburbs, where they completed a number of notable sales, including their most recent sale involving the landmark Namarong property, which recently sold for more of AUD 24 million (about US$16.68 million).

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The fact that: Built in 1868 for a wealthy shipping merchant who chose the house’s hillside location to keep an eye on his ships coming in and out of Port Phillip Bay, Namarong sits on approximately 3,370 square meters of manicured grounds. The house’s iconic Victorian facade has ornate corbels and cornices, a gently sloping roof, and an ivy-covered facade. Inside, an artful mix of classic and modern elements blend together to create a timeless yet contemporary feel. Traditional crown molding, interior columns, and a variety of glass-paneled French doors can be seen alongside more modern touches like minimalist framed windows, a vibrant orange-carpeted staircase, and sleek cabinetry. Other highlights include a stately library, rounded terrace, and sprawling tennis court, as well as a movie theater, wine cellar, and outdoor pool.

where: Located in Stonnington, just south of the notorious wealthy enclave, Toorak, Armandale is adjacent to many of Melbourne’s top neighborhoods, says Gibson. As such, the central inner suburb is home to some of the most expensive real estate in the state. “Stonnington, Boroondara and Bayside Boroughs hold the majority of the key housing assets in all of Victoria,” Gibson explained.

The how: Marketing focused heavily on the estate’s history, says Atkins. “Our business is based on a media and real estate approach to all of our trophy assets. So instead of just thinking about bringing them to market, it’s really important to us that we put them out there, promote them and get the story behind them, particularly with this one because it has such a rich history.” With the pedigree of the property in mind, the team also opted for an expression of interest campaign in which prospective buyers are invited to submit their best offer. “Usually we run an expression of interest campaign in the middle of the market with a marketing period of about four to five weeks and an end date attached. Ideally, you have two parties in a private auction at the end of the process, and that’s what happened in this case.” Closing sales with a private auction is “certainly common in Melbourne,” Gibson added, “nine times out of ten you get the best price for the seller.”

the right now: The sale comes at an interesting time for the Australian property market, which is cooling off after an unprecedented 2021. However, the luxury market appears to be holding strong, according to Gibson. “Given that interest rates just went up and other headwinds, like the pandemic, oil prices, war, it’s still surprisingly strong. In fact, we had another sale last week of just over $30 million which, coupled with this sale, exceeded our expectations.”


Private Properties Global is an exclusive member of Forbes Global Propertiesa consumer marketplace and member network of elite stockbrokers selling the world’s most luxurious homes.

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