Melbourne house record smashed twice this month

A new home is set to be developed at 27-29 St Georges Road. Image: Google Street View.

The record price paid for a Victorian home has been broken twice in a month by properties a couple of hundred metres apart.

The rectangle shaped north facing block (marked) was earmarked for nine townhouses.

In the biggest deal, founder Ed Craven has outlaid just over $88 million including GST for 27-29 St Georges Road, with plans for a new build.

Behind an imposing stone fence, the sprawling 7246 square metre north facing estate was dubbed one of the city’s “ghost mansions” for decades given the vendor David Wu hadn’t moved in after paying $5m for the then contemporary dwelling in 1991, then failing to replace it with townhouses.

Parts of the double storey home are understood to have been later used by family members.

Mr Wu, the director of Ausvest Holdings, is said to have rejected numerous offers to sell the property – during both upturns and downturns.

However in February, 2020, it was confirmed to be available off-market at a firm $80m.

Mr Craven was represented by Elite Buyer Agents’ Kim Easterbrook.

It is the 27 year old businessman’s second major play in the suburb – coming 16 months since paying Will Deague $38.5m for a contemporary home at the south east corner of Orrong and St Georges roads.

Blair House

Meanwhile, Blair House at 17 St Georges Rd (pictured, top), is understood to be selling for $74.5m following a public sale campaign launched mid-year.

On a 7843 sqm T-shaped parcel, it includes a c1936 Hughes and Orme Georgian Revival home, and a stable converted residence, all up offering 10 bedrooms (story continues below).

Blair House has sold for $74.5 million.

There is also a tennis court and greenhouse but no pool.

Marshall White represented the vendor, the family of late engineer Randovan Basil Nanut, which held it since the 1970s.

The guide was $65-$70m.

The as yet unknown buyer is represented by Morrell & Koren’s David Morrell.

The two St Georges Rd deals smash the $52.5m record paid for Malvern’s Stonington – the former government house – in February, 2018.

A Portsea winery later hit the market with c$70m-plus price hopes before being withdrawn.

The biggest outlay for an Australian home was set in 2018 when Atlassian co-founder Mike Cannon Brookes outlaid $100m for Fairwater, in Sydney’s Point Piper.

Two years ago, another residence in that suburb, Edgewater, traded for $95m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of