Forgotten mansions in East Melbourne, Albert Park and Toorak on the market for a hefty price tag

Forgotten mansions with eight-figure price tags in some of Melbourne’s The most expensive and desirable streets are for sale the moment the market starts to turn.

But with millions to spend, are they a good buy?

An East Melbourne townhouse sits on the edge of Fitzroy Gardens. The property is almost 150 years old and is showing its age.

East Melbourne mansion is on the edge of Fitzroy Gardens, the property is almost 150 years old and showing its age. (Nine)

Inside there are bare brick walls, missing features and remnants of a bygone business. But despite the condition, the asking price is over $13 million.

On the other side of town, in Albert Park, it’s a similar story.

The property is still for sale for over $10 million.

CoreLogic head of research Eliza Owen said those prices were not guaranteed.

“It’s getting harder to sell those prime properties now than it was 12 months ago,” she said.

Researchers say that the top end of the market changes the fastest.

“That’s generally the pattern you see at the beginning of a downturn, that price declines tend to be concentrated in more central and expensive suburbs,” Owen said.

But there are exceptions.

Forgotten mansions in some of Melbourne’s most expensive and desirable streets are up for sale. (Nine)

One property in Toorak is in a similar condition, but Agent Helena Chow is convinced of the high price tag.

“We’re looking at close to 9 million,” she said.

“It’s likely that developers are interested in this piece of land.”

This is not an option for other forgotten Melbourne historic homes.

Owen said it was a tough time selling historic homes.

“It’s a tough time for those trying to sell a crumbling mansion, for example,” she said.

“It’s because you have a trifecta of higher interest costs, a drop in the higher end of the market… and of course higher construction costs.”

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