Shayne Elliott, the former chief executive of ANZ, and his wife Nagla Khattab have put their Toorak home on the market with a price guide of $10.9 million to $11.9 million, testing the upper end of Melbourne’s residential market even as prices continue to slide.
ANZ ex-CEO Elliott lists Toorak home for $11m
The single-storey Victorian residence in one of Melbourne’s most sought-after suburbs was bought for $4.5 million in 2012, meaning the listing comes with the potential for a hefty gain if it clears near the top of the guide. The four-bedroom, four-bathroom property includes a solar-powered swimming pool, designer gardens, high ceilings, stained-glass skylight and period marble fireplaces.
The sale lands during a softer phase for Melbourne housing. Domain’s latest house price report showed the city’s median house price fell 3.3% in the September quarter, or about $34,000, to $1,014,335, underscoring how higher borrowing costs and weaker sentiment are pressuring even Australia’s most prestigious postcodes.
Elliott led ANZ for just over nine years and earlier this year settled legal action with the bank after it denied him $13.5 million in bonuses tied to a period of regulatory problems at the lender. While that dispute is separate from the property sale, it keeps the former executive in the spotlight as one of the country’s best-known banking figures shifts a high-value asset into a fragile market.
Top-end Melbourne homes have still found buyers, but the market has been uneven. A Toorak property that sold for $6.21 million during lockdown later resold for more than $17 million after a major rebuild, while Jennifer Shaw’s South Yarra home fetched more than $30 million in August. At the top of the market, the Myer family’s Cranlana estate remains listed at $96 million to $105 million, highlighting the wide gap between trophy assets and the broader downturn.
For investors and wealthy buyers, the listing is another gauge of whether Melbourne’s luxury segment can hold value as the city’s housing market weakens further. The next test will be whether cash-rich purchasers keep stepping in for blue-chip homes in Toorak and nearby prestige suburbs, or whether sellers have to accept more realistic pricing into year-end.
| Entity | Gains | Losses |
|---|---|---|
| Elliott and Khattab | ▲Potential liquidity | ▼Exposure to softer market |
| Luxury buyers | ▲More negotiating power | ▼Fewer distressed bargains |
| Melbourne prestige market | ▲Fresh stock and benchmark sales | ▼Price pressure |
| Existing homeowners | ▲Comparable sales support | ▼Lower valuation risk |
