Melbourne's luxury property market is experiencing a boom, driven by a new generation of wealthy buyers, according to agents. Gowan Stubbings, executive director of Kay & Burton, says the sector is 'beautiful at the moment' despite broader economic pressures.
Stubbings, who sold a Toorak mansion for over $60 million last year, notes that many transactions are off-market and discreet. Clients include older Melburnians downsizing, tech titans, expats returning home, and wealthy foreigners.
The properties often feature tennis courts, indoor pools, and entertainment rooms. Stubbings offers helicopter rides, restaurant bookings, and school advice to prospective buyers. He describes Melbourne's market as 'old money' and discreet, contrasting it with Sydney's 'flashy, new money' scene.
