By all measures, the 2024–25 financial year marked a return to quiet confidence and composed momentum at the top end of Melbourne’s real estate market. As Marshall White Group Sales Director John Bongiorno explains, the prestige sector isn’t reacting to the noise, it’s moving with intent.
Industry NewsJOHN BONGIORNO’S PERSPECTIVE ON THE PRESTIGE PULSE OF 2024–25
Next ArticleJOHN BONGIORNO’S PERSPECTIVE ON THE PRESTIGE PULSE OF 2024–25
27 August 2025
“This year hasn’t been driven by hype or volatility,” Bongiorno says. “What we’ve seen is a deliberate return to real estate fundamentals – strong demand, tight supply, and the enduring appeal of Melbourne’s finest suburbs.”
It’s an environment that plays to Marshall White’s strengths. With a deep legacy in prestige transactions and a network that spans from the grand boulevards of Kew to the waterfront of Brighton and the gated estates of Toorak, the firm continues to lead the conversation and deliver results.
In 2024–25, Marshall White recorded average house prices increasing across both residential and project portfolios. Notably, the agency completed a number of discreet, eight-figure transactions, including landmark outcomes in South Yarra and Toorak.
“These aren’t casual sales. They require discretion, insight, and long-standing relationships – that’s how deals happen quietly, often before a property ever reaches the open market.”
While interest rate headlines dominated the national housing debate, Bongiorno believes the prestige market has already moved beyond it. “Our buyers are making intergenerational decisions. They’re far less influenced by short-term shifts in monetary policy and more focused on securing the right property in the right location, built to a standard that will endure.”
Melbourne’s global reputation remains a major drawcard. “This is still one of the most liveable cities in the world. Whether returning expats, established families or global wealth looking to anchor here, they want the lifestyle Melbourne offers – and they’re willing to wait for the perfect fit.”
The same sense of quality-over-urgency is playing out in the upper end of the rental market. Marshall White’s leasing division recorded a 10 per cent rise in prestige homes leased over $1,000 per week, with activity intensifying even further at the ultra-premium level.
“The $3,000-plus per week market – executive residences, furnished estates, architect-designed homes – is fiercely competitive right now,” Bongiorno says.
Looking ahead, Bongiorno is optimistic. “We’re heading into spring with healthy stock levels and a highly engaged buyer base. There’s been a reset in sentiment, not a pause. Wealth is here. Buyers are ready. And as always, quality will lead the market. Prestige property isn’t about panic or pace. It’s about excellence. And excellence never dates.”
