South Melbourne’s landmark auction has set a new record price for a suburban home, with the historic Emerald Terrace at 34 Ferrars Place changing hands after a major property transformation.
A South Melbourne mansion with a private bridge has sold for a record $12.65m, almost double the land value of the property’s previous high.
The sale at 34 Ferrars Place surpassed the previous South Melbourne high of $12.5m set in 2019 by the sale of a nearby house on Howe Cres.
Director of Jellis Craig Port Phillip, Simon Gowling, said the result was historic for the area.
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“Like any blue-chip suburb, South Melbourne, Albert Park and the Middle have special pockets, and this pocket stands shoulder to shoulder with the best parts of East Melbourne.”
The historic recorder is a five-bedroom showpiece dating back to 1877, known as Emerald Terrace, which has recently been converted into a stunning family home combining Victorian charm and modern finishes.
Inside, the ceilings soar to four to five meters, with sweeping arches and Italian marble fireplaces, accented with steel-framed glass and refined detailing.
One of the many marble-clad bathrooms within Emerald Terrace, with a bespoke vanity and Victoria & Albert freestanding bath as part of a luxurious home renovation.
Exterior of Emerald Terrace at 34 Ferrars Place, South Melbourne, with automatic gates, separate drawbridge and secured right-of-way access to rear.
The kitchen is designed for entertaining, with natural marble counters, Sub-Zero refrigerator, beverage drawer and fully equipped Gaggenau scullery, plus a custom mudroom extension.
The living and dining areas open directly onto the cobblestone courtyard and gas-heated pool, framed by evergreen gardens.
The master suite is designed as its own wing, with a private lounge and open fireplace, a dressing room and a marble-clad ensuite with a Victoria + Albert free-standing bathtub.
There is also an additional living room with access to the roof, and the home comes with hydronic heating, multi-zone climate control, integrated sound, remote blinds, video intercom with CCTV, security alarm and underground cellar.
Outside, secure access to the right of way is presented through automatic gates, completed with a unique drawbridge feature that has become a talking point among buyers.
The formal living room reflects the home’s Victorian heritage, with soaring ceilings, sweeping arches and an Italian marble fireplace preserved from the original 1877 design.
The entertainer’s kitchen has natural marble countertops, a Sub-Zero refrigerator and a fully equipped Gaggenau scullery as part of the home’s modern upgrades.
Mr Gowling said South Melbourne was increasingly judged by land value and scarcity, rather than block size alone.
“South Melbourne is often compared to East Melbourne because of the smaller block sizes and the higher land value per square metre,” he said.
“What we’re seeing now is that the top end of the market is doing very well, and it’s very protected from interest rate pressures.”
The record comes amid high-profile deals across Port Phillip, with many of the suburb’s benchmarks raised in the past year.
“We have just reset records not only in South Melbourne, but also in Middle Park and the whole City of Port Phillip,” said Mr Gowling.
Light-filled living and dining areas are highlighted with steel-framed glass, custom lighting, remote-controlled blinds and direct access to the outdoor entertaining area.
The five-bedroom property includes a spacious master suite with a private lounge, dressing room and ensuite, alongside additional bedrooms with bespoke sitting areas.
“The sale of Beaconsfield Parade for $17m on just 328sq m is estimated at $52,000 per square metre, which really underlines the depth of demand at this level.”
He said continued sales of $10m-plus on high street shows the top end is still working on strong fundamentals.
“There have been consistent sales of $10 million-plus across Beaconsfield Parade and Danks St, and that tells you that the end of the market is working on strong fundamentals,” Mr Gowling said.
At 34 Ferrars Place, he said the buyer’s reaction to the home was immediate.
Emerald Terrace combines its 1877 Victorian architecture with the gleaming steel of a modern frame and refined finish following a comprehensive redesign by Stephen Akehurst.
“It was one of the best renovations I’ve sold in a long time,” he said.
“The level of detail, craftsmanship and finish was amazing.
People were really surprised when they walked in it, it had a rare quality where almost everyone who saw it could imagine living there.”
Mr Gowling said deficits were still the biggest concern after record highs.
“The main thing is the shortage. Homes of this type just don’t come on the market at the same time,” he said.
The high-style living area reaches to the ceiling, providing additional living space or living space within the multi-level home.
The dining room is anchored by a wood burning fireplace and connects seamlessly to the kitchen and outdoor patio for great entertaining.
“There may be one opportunity every few years, and buyers know that if they miss out, there is no quick alternative.
“Not many people have $13m to spend, but it’s enough to create real competition when something really special comes along. That fear of missing out plays a big role at this level.”
The second bathroom continues the luxury theme of the home, with marble countertops, custom fixtures and high-end details throughout.
Confused, he said that the last buyer was not hunting when the home was valued.
“I suggested they take a look simply because this home was unique,” said Mr Gowling.
“When they saw it, it touched their hearts, and they fought hard to protect it.”
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