A TOORAK mansion that has been home to some of the city's most famous businessmen is believed to have fetched this year's highest price - almost $17 million.
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The record sale capped a surge of confidence in the Melbourne property market in recent weeks.
A clearance rate of 62 per cent was recorded at the weekend for the nearly 700 auctions held. That compares with 53 per cent from 825 auctions this time last year.
But the real test for spring will come on ''super Saturday'' this weekend, with more than 1200 auctions scheduled, the biggest of the year so far.
The Age has learnt that funds manager Ron Dewhurst sold his mansion at 7 Landale Road in Toorak last week, in an off-market deal through prestige agency Kay & Burton.
The sale, to the chief executive of listed pharmaceuticals supplier Ascent Pharmahealth, Dennis Bastas, was the climax in a series of top-end results that has breathed new life into the slow market.
Mr Dewhurst was raised in the modest bayside suburb of Cheltenham but has become a senior player in US-based fund management group Legg Mason and now lives in New York.
He purchased the home in 2003 from former television personality Steve Vizard for $6.4 million. Mr Vizard bought Victor and Loti Smorgon's Landale Road house for $5.6 million before the Smorgons moved into Hotel Como.
Buyer's advocate David Morrell said sales in the top end were often done in secret through word of mouth.
He said the recent results, such as more than $7 million for Mr Vizard's current mansion in St Kilda last week, were due to sellers dropping their prices to meet the market.
''I have put in two offers over the past fortnight for more than $10 million on the super-quiet stuff,'' he said. ''There are absolutely some signs of life in the top end, but whether it's sustainable or not, no one knows.''
Managing director of Kay & Burton, Michael Gibson, declined to comment.
