Chinese National Qi Yang Confirmed as Buyer of Melbourne's $40M Toorak Mansion
The agent for the deal, Jeremy Fox of RT Edgar, told SCHWARTZWILLIAMS, the sale is a positive for everyone - the vendors, the tax office, builders, and architects - and helps to keep the whole market moving.
The mysterious buyer of the St. Georges Road, Toorak, mansion has been revealed as Chinese national, Qi Yang.
Yang placed a caveat over 18 St. Georges Road earlier this month, preventing other potential buyers from registering their interest in the property.
It is believed that Yang paid $40 million for the 1920s estate, the highest price ever paid for a Melbourne property.
The mansion is on a 4000sq m block. Picture: Channel 7. Source: Channel 7.
A win-win situation: Jeremy Fox, RT Edgar
“You look at all the negativity in the market, but if you look at a deal like this, it’s a win for everyone,” RT Edgar agent, Jeremy Fox, told SCHWARTZWILLIAMS.
“It’s a win for the vendor, it’s a win for the tax office, it’s a win for the agents, it’s a win for the builders and architects. It keeps the whole market moving,” he said.
Increased foreign investor charges not hurting the top end of the market
It is estimated that Yang faces an additional $8.5 million in fees, including foreign investor charges and stamp duty.
Media reports claim that Yang has received approval from the Foreign Investment Review Board to purchase the property, and is expected to renovate the aging home.
The mansion next door, at 16 Georges Road, Toorak, was controversially knocked down in 2013 by its Chinese owner, who paid $18.5 million for the home.
Real estate is the new gold standard
Fox said increased foreign investor charges haven’t slowed demand at the high end of the market.
“Real estate has become the new gold standard,” said Fox. “It’s something to buy and hold onto.”
The problem, said Fox, was stock. When a property at the $10 million-plus category comes onto the market, it’s snapped up pretty quickly, he said.
The vendors are Marina and Anthony Darling, who bought the property in 1995 for $4.9 million. The mansion occupies a 5,000 square metre block, and has a tennis court, pool, and private guest quarters.
SOURCE: The Real Estate Conversation
POSTED: August 25, 2017
AUTHOR: Aidan Devine
@Luxury Estates – experts on visionary marketing of Australia’s most luxurious real estate for sale
