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Sold: Toorak mansion snapped up for $16m

Date

Chris Vedelago

3 Macquarie Road, Toorak, has sold for $16 million in a strong start for the luxury property market.

3 Macquarie Road, Toorak, has sold for $16 million in a strong start for the luxury property market.

Melbourne's luxury property market has opened the year with a bang following the $16 million sale of a Toorak mansion belonging to one of the city's most prominent families.

Property developer Gabor Hubay and wife Roni, a member of the wealthy Kornhauser family, have sold their sprawling estate on Macquarie Road just two months after putting it on the market for $15 million.

The deal marks the fastest sale for the prestige market in two years, which has been plagued by a lack of buyer interest despite more than half a dozen of the city's finest homes on offer for $15 million or more. Many of these properties, including two $30 million mansions holding prime spots on Toorak's Towers Road, have been available for more than a year.

Top end: Inside the mansion at 3 Macquarie Road in Toorak.

Top end: Inside the mansion at 3 Macquarie Road in Toorak. Photo: Supplied

It's also the second highest price achieved in the city since the property slump began in 2010, topped only by the $16.5 million sale of investment manager Ron Dewhurst's Toorak estate in October last year.

Kay & Burton confirmed the Macquarie Road home had sold but director Michael Gibson declined to comment on the price. The identity of the buyer is unknown.

Mr Hubay, an architect, designed and built the 2100-square-metre property, which has five bedrooms, seven bathrooms, theatre, gym, tennis court, infinity pool and a seven-car basement garage.

Mr and Mrs Hubay are shareholders in several high-value commercial developments around the city, including a Collins Street office tower and shopping centre in the CBD, bought for $50 million more than a decade ago.

6 comments so far

  • Anybody wanna go 1/1000 shares? - and then you get to stay there for a night every 3 years

    Commenter
    Matt
    Location
    Tatura
    Date and time
    January 30, 2013, 2:15PM
    • Prime land for a major high rise development!

      Commenter
      Schwabbie
      Location
      Sydney
      Date and time
      January 30, 2013, 2:31PM
      • I think that is an excellence idea Matt, I am in. 3 years is better than that caravan park in SA that has wait list for like 30 years!!

        Commenter
        Raj
        Location
        Sydney
        Date and time
        January 30, 2013, 2:35PM
        • Where did the $16M figure come from? It was on the market for $15M so it would have sold for less than that.

          Commenter
          Allan
          Location
          Prahran
          Date and time
          January 30, 2013, 3:30PM
          • No doubt from Real Estate agents. Definitely not from the Seller or Buyer (for taxation reason).

            Commenter
            Clearly
            Location
            Melb
            Date and time
            January 30, 2013, 9:39PM
        • 7 bathrooms? There must be something wrong with the people living (or intent to live) in that house. Highly recommended they see a Gastroenterologist and/or Dermatologist.

          Commenter
          Sky
          Location
          Melb
          Date and time
          January 30, 2013, 9:37PM

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