Forgotten mansions in East Melbourne, Albert Park and Toorak on the market at a high price

Forgotten mansions with eight-figure price tags in some of Melbourne’s the most expensive and sought-after streets are for sale just as the market begins to turn.

But with millions more to spend, is it a good buy?

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

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

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

Across town, in Albert Park, it’s a similar story.

The property is still on the market for over $10 million.

Eliza Owen, head of research at CoreLogic, said those prices weren’t guaranteed.

“It’s going to be harder to sell these prime properties now than 12 months ago,” she said.

Researchers say the high end of the market is moving fastest.

“That’s usually the pattern you see at the start of a downturn, is that the price drops tend to be concentrated in the more central, more expensive suburbs,” Owen said.

But there are exceptions.

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

A property in Toorak is in similar condition, but agent Helena Chow is confident with the high price.

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

“It is likely that they will be developers interested in this block of land.

It’s not an option for Melbourne’s other forgotten historic homes.

Owen said it’s been a tough time to sell historic homes.

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

“It’s because you have this trio of higher interest charges, a lower end of the market…and of course higher construction costs.”

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