Luxury real estate in Melbourne is experiencing an unprecedented boom, driven by a new generation of young millionaires and billionaires. These affluent individuals are investing heavily in high-end properties across the city’s prestigious suburbs such as Toorak, Brighton, and the Mornington Peninsula. This trend is reshaping the real estate landscape, with record-breaking sales becoming increasingly common.
The city’s eastern suburbs are particularly popular among business and media professionals under 50, who possess substantial disposable income. This demographic shift has led to a surge in property investments, with young entrepreneurs and influencers leading the charge. The market is witnessing a wave of new buyers who are not only purchasing homes but also flipping them for significant profits.
Profiles of Young Property Moguls
Zana Pali
Zana Pali, 34, gained fame on the reality TV show “My Kitchen Rules” in 2016. Alongside her ex-husband Gianni Romano, she was once the proud owner of a luxury home in Brighton, which they sold for approximately $10 million. The property featured an 800-bottle wine cellar, a pool, and a spa, among other lavish amenities. Today, Zana continues to thrive as a lawyer and real estate developer, working with her family’s company, Pali + Co.
Steph Claire Smith
Steph Claire Smith, 31, is a successful online fitness influencer and podcaster. She co-founded the KIC brand, which evolved from a recipe eBook into a fitness empire. Steph and her husband Josh Miller recently sold their Brighton East home for $7.8 million, making a tidy profit on the property they purchased for $7 million in 2022. Their Palm Springs-inspired house, complete with a spa and outdoor barbecue terrace, exemplifies the luxury lifestyle embraced by Melbourne’s young elite.
Scott and Alex Pendlebury
AFL star Scott Pendlebury and his wife Alex, a nutritionist and influencer, have made significant investments in Bayside and Elwood real estate. The couple sold their Elwood family home for around $6.5 million and later acquired a Bayside property for $7 million. Their new home boasts a tennis court, wet bar, and a massive pool, reflecting their commitment to a luxurious family lifestyle.
Adrian Portelli: A Billionaire’s Real Estate Ventures
Adrian Portelli, 35, is a prominent figure in Melbourne’s luxury real estate scene. With a net worth exceeding $1 billion, he frequently makes headlines for his extravagant property purchases. In 2023, Adrian set a new record for Melbourne’s most expensive apartment, paying $39 million for a penthouse in the CBD. He invested an additional $6 million in modifications, including craning in a $3 million McLaren Senna GTR as an art piece.
Adrian’s real estate portfolio includes eight properties from the TV show “The Block,” totaling over $27 million in purchases.
Adrian’s ventures extend beyond Melbourne, with properties across Australia. His aggressive investment strategy and penchant for luxury have made him a key player in the market.
Other Notable Young Investors
Edward Craven
Edward Craven, 29, co-founder of a cryptocurrency casino, is on a mission to own Australia’s most expensive property. In 2022, he purchased a derelict Toorak mansion for $80 million, with plans to transform it into a $145 million modern masterpiece. This ambitious project highlights the scale of investment young billionaires are willing to make in Melbourne’s real estate market.
Ruslan Kogan
Ruslan Kogan, founder of Kogan.com, has amassed a substantial property portfolio, including several Toorak mansions and properties on the Mornington Peninsula. His strategic acquisitions, such as the $38.8 million Chastleton Avenue mansion, underscore his status as a major player in the luxury market.
Michael and Anna Egorova
Cryptocurrency billionaires Michael and Anna Egorova shocked their Hawthorn neighborhood by purchasing two adjacent properties, including a $41 million Victorian mansion. Their expansive landholdings reflect the couple’s significant investment in Melbourne’s luxury real estate sector.
The Future of Melbourne’s Luxury Real Estate
The influx of young wealth into Melbourne’s real estate market is reshaping the city’s landscape. With record-breaking sales and extravagant renovations, these young investors are setting new standards for luxury living. As this trend continues, experts predict further growth in the high-end property sector.
Looking ahead, the market’s trajectory will likely depend on the broader economic climate and the continued success of these young entrepreneurs. However, their current influence is undeniable, and their investments are setting the stage for a new era of opulence in Melbourne.
