The new tax, announced earlier this year, will be 1 per cent of the property’s capital-improved value and will apply to homes vacant for more than six months of the year.But questions remain over how the levy will be implemented, given there is no reliable data presently collected about empty houses in the state (many organisations rely on utility usage).

Locals say the demolition of the grand house at 16 St Georges Rd — one of Melbourne’s most exclusive streets — is “sacrilege”. Building started in 2012 on the state’s largest and most expensive new home, designed by Bruce Henderson.

“It’s in nobody’s interest for assets of any kind to sit idle, including property assets.”Toorak mansion demolished but 18 months on, the site is an ‘ugly paddock’ The now-demolished seven-bedroom Federation house that stood there was the home of Diana Baillieu, mother of former Victorian Premier Ted Baillieu, until she died aged 93 in 2008. Toorak mansion demolished but 18 months on, the site is an ‘ugly paddock’ Allison Worrall Jun 6, 2017. facebook.

“This is an issue that is not going away.”Mr Lennon said he supported the government’s vacancy tax because it may incentivise owners to put properties on the market, and reduce supply pressures.“There is a wider social issue here and a wider economic issue about underutilised assets,” Mr Lennon said.

pinterest. whatsapp. The family home was in need of renovation and will be transformed, together with a neighbouring block of flats, into a new project aimed at local downsizers. Toorak House is a mansion located in Melbourne, Australia built in 1849 by well-known Melbourne merchant James Jackson. It is notable for its use as Melbourne's first Government House and having inspired the name for the suburb of Toorak.. Jackson is believed to have borrowed from Woiwurrung language, with words of similar pronunciation, meaning either black crow or reedy swamp.. Toorak … It’s understood the government will rely heavily on self-reporting.Catherine Cashmore, buyers’ advocate and president of lobby group Prosper Australia, said holding land vacant was a very lucrative business where buyers could make significant money through capital growth.“Morally it’s not a good thing to do,” she said. Toorak residents furious as developer begins demolition of $18.5m mansion Emily Power Oct 21, 2015 Toorak residents are furious that the owner of a landmark local mansion has begun tearing down the house after a failed heritage protection bid. That horror has now turned to irritation: the land is still empty.No building applications have been lodged, and it has not been listed with any local real estate agents. Video by Emily Power and Kirsten Robb. Toorak residents were furious about the demolition four years ago. The French Renaissance-style mansion, in one of Melbourne’s most expensive streets, remains a ghost house.Landbanking, a term that refers to buying up property and holding on to it with the intention of a future sale or development, is considered widespread in Melbourne.The most infamous are in prestige pockets like Toorak, but housing experts say it’s happening in Melbourne’s growth corridors and high-density buildings in the inner city.Amid what has been dubbed a housing affordability crisis and a tight market for renters, the state government has moved to introduce a vacancy tax it hopes will free up property. The house was known as Idylwilde and marketed as a “home for the generations”, but Ms Bao applied for a permit to knock it down. Toorak residents furious as developer begins demolition of $18.5m mansion $18.5 million mansion destroyed A historic mansion is torn down in Toorak. A $9 million Toorak house is set to be knocked down to make way for a boutique luxury apartment development by National Basketball League owner Larry Kestelman.The family home was in need of renovation and will be transformed, together with a neighbouring block of flats, into a new project aimed at local downsizers.Mr Kestelman is also developing the Capitol Grand apartment tower in nearby South Yarra, billed as the tallest building outside the Melbourne CBD and now 85 per cent sold.“On the back of Capitol Grand in South Yarra, and having done [nearby apartment project] Gisele, we feel there’s an absolute demand for luxury,” Mr Kestelman told “It will be a very high quality development, something the residents of Toorak and downsizers from Toorak would expect.”Security will be a key consideration in the build, aimed at potential buyers who want to lock up and leave their home without the worry, and amenities may include a gym and common areas.He tips the location, opposite Como Park and the Royal South Yarra Lawn Tennis Club, as a drawcard despite a broader slowdown in the Melbourne apartment market.“For me it’s all about the location and being the right development.