Melbourne mansion with CBD views seeks next custodian

A grand Melbourne home with stunning views originally listed for $16 million in 2022. Now buyers have the chance to snap it up for almost half the price.

Sitting along Newport’s Golden Mile – a waterfront strip littered with multi-million-dollar mansions – the property has been home to restauranteur John Mousaferiadis and his family for more than 30 years.

Designed with entertainment in mind, Mr Mousaferiadis says he understands why his property has been on the market for a while: it has a pretty limited buyer pool in a market that has been sitting idle.

“People from the east don’t want to come over to the west. It’s a home for a young family but one who has the money. That’s what the issue is,” Mr Mousaferiadis told realestate.com.au.

He said the size and demands of his palatial five-bedroom, six-bathroom home overlooking the bay at 78 The Strand Newport also isn’t for everyone.

“It’s a big property on 1,157sqm so it requires a lot of maintenance. You need to find that right person with the right resources to maintain it.”

But the house is well worth it, he says, with his favourite things about his home being the open plan layout, outdoor entertaining zone and city views.

“It’s an entertainer’s house, especially the rear of the property with a full cabana, palm trees, huge outdoor pool and sauna. We’ve had parties of hundreds of people here over the years.

“The house also has water features inside and out, there’s floor-to-ceiling marble bathrooms — and a marble-floored garage.”

Mr Mousaferiadis paid $300,000 for an old property on the block back in 1991. Together with his late brother, he built his dream home and has lived there with his family ever since.

The upper level houses the living and dining area, where full-height windows boast panoramic views to the port and city skyline beyond. There’s also a granite kitchen with Miele appliances, an integrated fridge and walk-in pantry, while a master bedroom features a walk-in robe and ensuite with a double vanity and spa bath.

The property also includes four additional bedrooms, each with an ensuite, a spacious billiard/trophy room, a music room, a marble staircase with a chandelier, and a separate study or sixth bedroom overlooking the pool area.

The outdoor space is a highlight, showcasing a pool surrounded by sandstone and palms, an outdoor kitchen with a built-in barbecue, sauna, and even a heated cigar area.

Additional luxuries include a Bang and Olufsen sound system, powder rooms, custom joinery, automated internal blinds in living spaces, security gates, full garden irrigation — and that marble-floored five-car garage.

With Mr Mousaferiadis wanting to downsize, he originally listed his home for $16m in late 2022. Since then, house prices in Newport have gone backwards as Melbourne’s property market underperformed the other capital cities.

He’s since dropped the asking price to between $8.5m and $9m and recently switched to agent Leigh Melbourne at The Agency Williamstown.

Mr Melbourne says the home’s sheer size and magnificent views sets it apart.

“It’s probably one of the biggest homes on the Strand. It’s very well-built and strong, a landmark property of Williamstown. Everyone knows it.”

Mr Melbourne is optimistic about the sale, having recently set a suburb record in August by selling the elegant Edwardian home at 89 Esplanade for an undisclosed sum.

Mr Melbourne said the area’s high-end properties usually attracted local buyers, who were willing to pay for a prime location.

“Last year, several non-waterfront properties sold for close to $4 million, even though they were slated for demolition to make way for new family homes.”

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