Toorak house listed for two years sells for more than $25m amid red-hot market

A period home in Toorak with a strict heritage overlay and on the market for two years has now sold in excess of its price guide, fetching more than $25 million.

The large block at 12 Lansell Road has more than doubled its last sale price after it traded for $12.5 million in 2014, according to public records.

It comes as Melbourne’s prestige market has been heating up, with a string of $20 million-plus sales and reports of fierce competition.

The selling agent, Weast Real Estate and Business Brokers’ James Liu, confirmed the sale when contacted.

On 3278 square metres of land and next to an apartment block, the residence had last been listed with a price guide of $23 million to $25 million.

A local family has bought it, Mr Liu said, adding they plan to renovate the home and add an extension – and have engaged award-winning architect Rob Mills.

“They want to either live there or sell again,” Mr Liu said.

“The purchaser does not want to demolish it, just renovate.”

Because of the heritage conditions, developers had shown scant interest in the large block, he said, with potential buyers largely families.

Three parties had made offers above the reserve, he said.

The unusual English/Dutch colonial-style property was designed by Walter Butler and built in 1916, with a late 20th-century extension.

It features five bedrooms, six bathrooms, a four-car garage and a swimming pool.

“We feel like the market is heating up,” he said. “There is a significant difference compared to last year, this time.”