First published 11 Nov 2026, 3:53pm
Developer David Deague and wife Kristene have sold their Toorak home.
Prolific developer David Deague and wife Kristene have farewelled their Toorak mansion for just below $25m, a sum more than $8m below their original asking range’s upper end.
In June, the couple listed the European-inspired, five-bedroom residence with $30m-$33m price expectations, later changing this to $31.5m.
Records show the property sold for $24.8m in late October with top-end experts describing Melbourne’s prestige real estate market as being “on life support”, with many other homes also being heavily discounted in the hopes of attracting a sale.
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Mr Deague is founder and chairman of his family’s property development and investment firm the Deague Group.
The company has overseen projects including Box Hill’s $330m mixed-use Whitehorse Towers site and a South Melbourne seven-level building that’s home to Southern Cross Austereo, which operates radio stations Fox FM and Triple M.
In 2017, the business offloaded its Art Series Hotels in Melbourne, Brisbane and Adelaide to the Mantra Group for $52.5m.
A long island bench takes centre stage in the kitchen.
Deague Group founder and chairman David Deague with wife Kristene.
The St Georges Rd mansion sold by Mr and Ms Deague features a pool and spa, tennis court
marble-fitted foyer with a chandelier and wrought-iron staircase, seven bathrooms and a basement garage for nine vehicles.
Marshall White’s Marcus Chiminello and Mandy Zhu oversaw the marketing campaign.
Other properties listed by the agency which have had their initial price tags discounted include 11 Murray St, Armadale, which has changed from $11m –$12m to $9.95m –$10.495m, and 5 Boandyne Court, Toorak, which has gone from $6.6m –$7.25m to $6m –$6.5m.
In September, Olympic gold swimmer Grant Hackett and his interior designer and dessert chef wife Sharlene sold a Brighton block of land for less than $7.7m, after buying it for $8.5m in 2024.
And embattled real estate media mogul Antony Catalano’s St Kilda penthouse had a $6m-plus price cut earlier this year, dropping from $33m-$36m to $29.95m.
Marble surfaces and bespoke ironwork feature throughout the house.
A mod grass tennis court and landscaped terraces catch the eye outdoors.
Buyers’ advocate to Melbourne’s top end David Morrell, of the Morrell & Koren firm, said he’d never seen Melbourne property “more price sensitive than it is now”.
“The top end is on life support compared to what it was 18 months ago,” Mr Morell added.
He said buyers were generally unwilling to pay premiums for homes, at the moment.
The garage can hold up to nine cars.
His colleague and fellow buyers’ Matthew Cleverdon said although there were some serious buyers for blue chip homes, a lack of clarity around the Victorian government’s new laws – which require all owners to disclose a reserve price seven days ahead of an auction – was making some buyers reluctant to purchase without “a clear picture”.
“Someone said to me recently, the real estate markets like driving on a Melbourne road,” Mr Cleverdon added.
“Some bits are smooth and good, but there’s a lot of pot holes.”
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