ANOTHER multimillion-dollar Toorak mansion is for sale as Melbourne's spring property market gears up for its biggest auction weekend of the year.
Millionaire Peter Devitt, owner of the L. U. Simon building business, is selling his Toorak mansion by private sale for more than $20 million.
Up to 1180 homes are expected to go under the hammer this weekend with the biggest ''super Saturday'' in two years.
The surge in auction numbers and new listings at the top and lower ends of the market is a sign of renewed confidence in property over the past few weeks. ''We've seen a progressive improvement in clearance rates since June,'' the Real Estate Institute of Victoria's Robert Larocca said.
Richmond, Hawthorn, Camberwell, St Kilda and Kew will be the focus of the most kerb-side attention with between 18 and 22 auctions in each suburb.
''It looks like it's the biggest day of the year, certainly for the million-dollar-plus properties,'' buyer advocate Mal James said.
If the weekend's auction clearance rate exceeded 60 per cent, ''you would have to say the market's in a little bit better shape than what people think,'' he said.
Mr Devitt's 16 St Georges Road property on 4257 square metres of prime Toorak turf is being marketed using a 3½-minute movie and website.
Agents Kay & Burton used a similar technique to sell Victoria's most expensive home in Portsea, the $26 million Ilyuka mansion in late 2010.
Mr Devitt and his wife, Joanne, paid $4.4 million for the property in mid-1997.
The Age reported yesterday that more than $335 million of property has been sold in secret off-market transactions since the start of the year.
At least six Melbourne top-end homes priced above $16 million have so far failed to find willing buyers.