See Melbourne bayside home priced at $50 MILLION as finance expert says it’s proof ‘the top one percent’ aren’t worried about rising interest rates and the cost of living.
- Melbourne waterfront home with pool, tennis court is up for grabs for $50 million
- The three-bedroom property has had two owners for more than a century, last being sold in 1971
- The price shows that the top one percent of the real estate market is not worried about interest rates
A home listed for sale with a massive $50 million price tag has risen 240 times in value since it was last sold in 1971, as one finance expert says, proves that cost-of-living concerns don’t worry the ‘ top 1 percent’.
Property market reporter Chris Kohler took to social media on Wednesday showing off images of the “pretty huge” 4,500-square-meter property on Melbourne’s Brighton waterfront.
He said the “weird” price of the three-bedroom house with a pool, tennis court and housekeeper’s cottage showed how the high end of the market is not worried about bad economic news on interest rates and inflation.
The house at 16 Moule Avenue in Brighton (pictured), which has had two owners for a century, sold in 1971 for $205,000
“This will be the third time this year that a property has sold for $50 million or more in Melbourne,” said the 9 News reporter (pictured).
“This will be the third time this year that a property has sold for $50 million or more in Melbourne,” the 9 News reporter said.
‘So it seems like the top one percent of the market, the one percent in ownership is not worried about things that everyone else is.
‘Rising interest rates and cost of living contract.’
The purchase comes after two Toorak properties sold for $80 million and $75 million, respectively, last winter.
The $80 million home in Toorak was purchased by stake.com developer Ed Craven, breaking the city’s home price record.
The Brighton house at 16 Moule Avenue has had two owners over a century and last sold in 1971 for $205,000.
Pictures of the property showed a large backyard overlooking the bay, with manicured lawns and an old utility pole near a landscaped garden.
Images of the interior of the house called ‘Teychel’ revealed stately doors with a grandfather clock and brightly colored rugs in the hallway.
The deceased property of the late Judith Terry is being offered as an opportunity to renovate and expand.
Kay & Burton managing director Ross Savas, who is overseeing the sale, said the house is an “iconic, once-in-a-generation opportunity to establish a lifestyle like no other.”
The ‘once-in-a-generation iconic opportunity’ is up for grabs for $50 million. In the photo, the house by the beach at 16 Moule Avenue Brighton
“The local and national market will undoubtedly closely follow this historic offering, but it will undoubtedly attract great interest from around the world due to its importance and absolute waterfront position,” Savas said in a statement.
The home has ornate mantelpieces, a marble bathroom, and a French-inspired living room, along with a boathouse and housekeeper’s cottage.
Social media users commented on Kohler’s online post and joined him in complaining about how little the top of the market cares about the economic concerns of much of the population.
Social media users took to Kohler’s online post (pictured), with some joining him in complaining about how little the top of the market cared about the economic worries of much of the population.
”The one percent who own property don’t care about the things that everyone else is driving up interest rates and the cost of living’ – DON’T SAY. It makes me very angry,” said one commenter.
“I really thought for $50 million it would be nicer/more impressive,” another person observed.
‘Approximately 60 times the annual salary in 1971. More than 700 times the current annual salary,’ added another.
‘Absolutely crazy that price? but the house looks nice’, said one more.