Forget the Baby Boomers; a new wave of young, affluent buyers is transforming the top end of Melbourne’s property market. High-profile tech entrepreneurs like cryptocurrency casino magnate Ed Craven and eCommerce mogul Ruslan Kogan have been making headlines with their extravagant purchases, spending up to nine figures on multiple properties in Toorak.
This trend is not limited to tech tycoons alone. A burgeoning group of wealthy individuals in their 30s and 40s are acquiring homes valued at over $10 million across the city, according to a report by prestige real estate agency Marshall White. The report highlights young tech entrepreneurs as a major influence on Melbourne’s premium listings.
Emerging Young Wealth in Melbourne
Aside from technology entrepreneurs, the new wave of big spenders includes successful figures from retail, hospitality, sports, and social media. Cryptocurrency power couple Michael Egorov and Anna, fitness influencer Steph Claire Smith, and billionaire businessman Adrian Portelli are among the young movers and shakers in Melbourne’s real estate scene.
In 2022, Ed Craven made waves by purchasing a long-vacant Toorak mansion for $80,000,088 and another for approximately $38 million. At the time, he was still in his 20s. Meanwhile, Ruslan Kogan, now in his early 40s, has acquired several properties, including a $38.8 million Toorak mansion. He has also reportedly bought a circa-$20 million home for his parents.
The Influence of Tech Wealth
According to the Marshall White Prestige Property Index 2024-25 financial year report, the influx of young, rising tech wealth, successful IPOs, generational inheritance, and ongoing international migration is attracting a diverse range of age groups to Melbourne’s upscale housing market. Marcus Chiminello, a director at Marshall White, remarked that the internet has enabled wealth accumulation at an unprecedented pace.
“Which then allows people, whether it’s in their 20s or 30s, to get out there and spend $20m, $30m, $40m, $50m in their first significant property purchase,” Chiminello said.
Chiminello noted that many of these younger buyers seek impressive homes where they can entertain privately, opting for features like fully customized bars, speakeasies, and even nightclubs within their residences. Privacy is paramount, often leading to off-market sales.
Changing Approaches to Wealth and Property
Matthew Cleverdon, a buyer’s advocate at Morrell and Koren, observed a significant emergence of affluent young buyers over the past five years. These individuals, often arriving at appointments on skateboards or having amassed fortunes through online ventures, approach wealth and luxury differently than previous generations.
“It’s very difficult in a world where you can get most things instantly online,” Cleverdon said. “Whereas getting a great house in a great street and a great suburb takes time.”
Cleverdon has spent time educating young, wealthy buyers about the intricacies of purchasing multimillion-dollar homes, ensuring they understand the value and process, especially when they might otherwise pay above market value for their dream location.
Post-Pandemic Trends
Joel Fredman, director at Fredman in Brighton, noted an increase in affluent buyers in their 30s and 40s since the COVID-19 pandemic. These buyers hail from diverse fields such as cosmetics, tech, and insurance, with some relocating from Sydney, Perth, and Tasmania to Melbourne.
“I’m a guy in his 30s selling properties, and you’re meeting people (the same age) who have budgets of $3m to $15m looking for something high-end, it’s quite amazing,” Fredman said.
By the Numbers: Melbourne’s Young and Rich
- Ed Craven: Toorak mansions, bought for $80,000,088 and $38m-$40m.
- Ruslan Kogan: Toorak mansion, bought for $38.8m; other properties totaling over $15m.
- Michael Egorov and Anna Egorova: Two Hawthorn properties, bought for $41m and $18.25m.
- Adrian Portelli: Melbourne penthouse, bought for $39m.
- Owen Kerr: South Yarra property, bought for $36m.
- Sean Senvirtne: Brighton vacant block, bought for circa-$22m.
- Jack Merlo: Multiple Toorak homes, prices ranging from $12.5m to $20m+.
- Steve Phar: Toorak mansion, sold for $15.5m.
- Dean Mintz: Toorak mansion, bought for $14.5m.
- Laura Foley and Dave Oosterloo: Brighton house, sold for $9.75m.
The new generation of wealthy buyers is not only reshaping Melbourne’s property market but also redefining what it means to be young and affluent in Australia. As these young millionaires continue to make their mark, the landscape of luxury real estate is set to evolve further, driven by innovation, ambition, and a taste for the extraordinary.
