Of course, it’s not all paper profit.
Stamp duty on a transaction of that size would cost about $315,000, plus transaction costs.
But the list illustrates the highest prices buyers will pay for land in the upscale suburb. The 712-square-meter block is priced at approximately $8,800 to $9,700 per square meter.
As a general rule, Toorak land is usually priced at $10,000 per square meter, but it can vary depending on the position.
A recent successful $80 million sale of a ghost St Georges Road mansion to crypto king Ed Craven, who plans to build a new house on the block, was priced at around $11,100 per square metre.
Prestige buyers’ agent David Morrell said buyers could pay between $7,500 and $14,000 per square meter in Toorak depending on whether they were buying an A, B or C grade position.
The smaller the block of land, the higher it should cost per square meter, he said, adding values can vary as much as $2,000 per square meter from one side of the street to the other.
“Land is the market’s ultimate litmus test,” he said. “The land is still sought after and continues to rise.
“They just aren’t doing any more of that.”
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