Property Management Toorak
Toorak is widely considered as Melbourne’s best suburb, this is mainly due to the huge Mansions built on large lots of land from the late 1800’s on. Whilst attracting record prices for sales this is more due to the size of the properties. Land will actually sell for a higher m2 rate in suburbs such as Albert Park and St Kilda where the homes are on much smaller lots.
Through the GFC prices in Toorak have stayed steadier than other inner city suburbs only increasing by about 6% on average for the year to December 2009. The Melbourne average over this time for surrounding suburbs has been around 30%.
Our property managers report that rents for homes in the suburb can reach many thousands of dollars a week whilst apartments and units which make up about 60% of all homes in Toorak range from around $400 a week to $900 for more modern larger properties.
About 35% of all the homes in Toorak are rental properties most of these being apartments and units.
Toorak offers excellent public transport and schools and is occupied mainly by professionals working in the city and families with about 20% being retirees over the age of 65.