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Real Estate News Releases
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(EstateNewsWire.com, November 11, 2012 ) Victoria, Australia- In the mega-rich land of Toorak, one of Melbourne’s most expensive neighborhoods, new real estate investors are in competition to become the biggest and best homeowner.
A new entrant into the competition is the Besen family, currently in the process of building Melbourne’s most expensive home at a cost of more than $20 million.
The high-security private residence will include a multi-level parking garage, and underground art gallery. Situated on half an acre, the Besen estate is not subject to the planning permits that apply to residents with smaller properties because Stonnington City Council exempts sites larger than 500 square metres.
Not since the 1880s Land Boom Era has Melbourne seen such a drive to build private homes on a commercial scale.
To exaggerate this house-building mania, some homeowners are even expanding their residences by buying out their neighbours for property area domination. A prime example is the Pratt family’s heritage mansion. Five surrounding houses were bought and leveled to make way for a $10 million extension in Kooyong.
Though Toorak’s mega-building residents are taking a build with excessive pleasure approach, some of their neighbors do not approve. Toorak residents have complained about years of ongoing construction just ''to satisfy the materialistic and ego-driven consumerist needs of a few''.
In question, society’s values in comparison to what is considered affordable housing and quadrupling building costs since 1987. Last year, the average freestanding new home in Toorak was considered the world's largest at 243.6 square metres, which is three times the British average.
The Toorak home building boom is a contradiction to the fact that Australian households are getting smaller, with single residents or couples without children making up more than half of them. Only one in 10 households consist of five or more people. 58.5% of households consist of two people.
Like in the movie star niches of Hollywood and elsewhere, every person has the freedom to spend their money on whatever they want, even a mega house. Whether the Besens, or any of Toorak’s affluent residents, foster patron-like legacies of art and architecture is to be seen. It is doubtful their modern stately mansions will stand the test of time.
About DonaHomes.com.au:
DonaHomes.com.au (http://www.donahomes.com.au/) is a 35 year old home building company specializing in custom houses. Dona Homes provides personalized home building services in the Melbourne area. Learn more at the Dona Homes website.
Donahomes.com.au
Rick Marshall Norris
03 9743 0122
news@postpressrelease.com
Source: EmailWire.Com 
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