Worst House Best Street in Toorak

The boutique agency claimed the home, at 6 Irving Road, was “without doubt one of the most compelling opportunities Toorak has seen for a significant time”.

A bit of a stretch we think – unless you consider four months “significant”.
That was when the property was last put to the market – selling for around $2.2 million, and smashing the rate per square foot record of land for the booming suburb to $450.

In a testament to how quickly the Toorak market has moved since April, the house sold again on the weekend – this time for $2.6 million, or just under $550 per square metre – smashing its own record.

As one insider put it, the sale of the tired house reflects the truism that buying the worst house in the best street can be a lucrative investment strategy. Though we at Secret Agent think it better reflects the truism that the rich are getting richer.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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