A landmark sale in South Melbourne has reset suburban house prices records, with the historic Emerald Terrace at 34 Ferrars Place changing hands after a major architectural transformation.
A South Melbourne mansion with a private drawbridge has sold for a record $12.65 million, almost doubling the land value of the previous suburb.
Sales at 34 Ferrars Place surpass South Melbourne’s previous high of $12.5 million in 2019 with the sale of a nearby home on Howe Cres.
Jellis Craig Port Phillip director Simon Gowling said the result was a milestone for the suburb.
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“Like any luxury suburb, South Melbourne, Albert Park and Middle have exceptional areas, and this particular area definitely stands shoulder to shoulder with the best parts of East Melbourne.”
The record-breaker is a five-bedroom showpiece dating from 1877 known as Emerald Terrace, which was recently transformed into a sprawling family home that combines Victorian grandeur with high-quality, contemporary finishes.
Inside, the ceilings reach four and five meters high, with impressive arches and fireplaces of Italian marble, tempered by steel-framed glass and refined details.
One of several marble-clad bathrooms at Emerald Terrace, featuring bespoke finishes and a freestanding Victoria and Albert bath as part of the home’s luxury renovation.
The exterior of Emerald Terrace at 34 Ferrars Place, South Melbourne, featuring automatic gates, a striking drawbridge and secure priority access to the rear.
The kitchen is built for entertaining, with natural marble surfaces, Sub-Zero refrigeration, drinks drawer and a fully equipped Gaggenau utility room, plus a custom utility room.
Living and dining areas open directly onto a paved courtyard and gas-heated swimming pool, surrounded by evergreen gardens.
The master suite is designed as its own wing, with a private lounge and fireplace, a dressing room and a marble-clad bathroom with a freestanding Victoria + Albert bath.
There is also an additional living room that extends to the roofline and the home is equipped with hydronic heating, multi-zone climate control, integrated sound, remote-controlled sun blinds, video intercom with CCTV, alarm security and an underground cellar.
Outside, secure access to the building is introduced via automated gates, finished with the signature drawbridge that became a talking point among buyers.
A formal sitting room showcases the house’s Victorian heritage, with high ceilings, impressive arches and an Italian marble fireplace that has been retained from the original 1877 design.
The entertainer’s kitchen features natural marble surfaces, Sub-Zero refrigeration and a fully equipped Gaggenau utility room as part of the home’s contemporary upgrade.
Mr Gowling said South Melbourne was increasingly being judged on land value and scarcity, rather than just block size.
“South Melbourne is often compared to East Melbourne due to its smaller block sizes and very high land value per square meter,” he said.
“What we see now is that the top of the market is moving extremely well, and is largely insulated from broader interest rate pressure.”
The record comes amid a string of high-value deals in Port Phillip, with several benchmarks being lifted in the suburbs over the past year.
“We recently reset the records, not just in South Melbourne, but in Middle Park and across the city of Port Phillip,” Mr Gowling said.
Light-filled living and dining areas are accented by steel-framed glass, custom lighting, remote-controlled blinds and direct access to the outdoor entertainment area.
The five-bedroom layout includes a spacious master suite with its own lounge, dressing room and bathroom, alongside additional bedrooms with bespoke joinery.
“Sales of the Beaconsfield Parade for $17 million on just 328 square meters worked out to almost $52,000 per square meter, which really underlines the scale of demand at this level.”
He said steady sales of more than $10 million on the main streets showed the summit was still operating on strong foundations.
“There has been consistent turnover of over $10 million at Beaconsfield Parade and Danks St, which indicates that the prestige end of the market is operating on very strong fundamentals,” Mr Gowling said.
For 34 Ferrars Place, he said the buyer’s response to the house was immediate.
Emerald Terrace combines 1877 Victorian architecture with modern steel-framed glazing and refined finishes following an extensive redesign by Stephen Akehurst.
“It was really one of the highest quality renovations I’ve sold in a long time,” he said.
“The level of detail, craftsmanship and finish were exceptional.
“People were genuinely surprised when they walked through it. It had that rare quality that made almost anyone who saw it imagine themselves living there.”
Mr Gowling said scarcity remains the main driver behind record results at the top.
“The main driver is scarcity. Homes of this caliber simply don’t come onto the market at the same time,” he said.
An upstairs loft-style living area extends to the roofline, providing additional accommodation or retreat space within the multi-story home.
Anchored by a fireplace, the dining room connects seamlessly to the kitchen and courtyard for large-scale entertaining.
“There may only be one opportunity every few years, and buyers know that if they miss this opportunity, there is no immediate alternative.
“There aren’t many people with $13 million to spend, but there are enough to create real competition when something really special comes along. The fear of missing out plays a big role at this level.”
A secondary bathroom continues the luxury theme of the home, with marble finishes, bespoke accessories and high-end details.
In a twist, he said the eventual buyer was not actively hunting when the house was brought to their attention.
“I suggested they take a look simply because the house was so exceptional,” Mr Gowling said.
“Once they saw it, it really touched people’s hearts, and they went out of their way to make it safe.”
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