Mr Stamoulis bought the land for $24 million in 2010 and knocked down the former Baillieu family home.Early rumours suggested the build would cost $30 million, but industry experts now believe Mr Stamoulis, after adding furnishings, fittings and decor, will have little change left over from $70 million.Australia’s most expensive recorded house sale is $57.5 million paid by mining magnate Chris Ellison for a Perth waterfront estate.BRW estimates the Stamoulis family’s wealth to be $540 million. property investment advisor and a wide team of leading property researchers and commentators.Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. There are too many unknowns regarding the proposed airport to make any suggestionsThank you Michael, and in terms of the established apartment markets in Sydney, is there a certain number of levels you would not go near? What’s ahead for our property markets for the second half of 2020 and into next year?That’s a common question people are asking now that our real estate markets have been hit by the triple threat of:And with a second wave of Coronavirus now emerging,  particularly in Melbourne, many are wondering if those dire predictions of 20-30% falls for our property markets that were made earlier in the year by those property pessimists are now going to come true.The simple answer is NO –  our property markets are not going to crash – in fact they’ve remained remarkably resilient.Sure there are problems in some of our rental markets and certain sectors of our real estate markets are suffering, but having invested in property for almost 50 years I’ve found that whenever there has been an economic threat, recession, interest rate spike, or credit squeeze, the residential markets always bounce back, usually more quickly than projected, demonstrating the resolve of the Australian community to maintain its embrace of real estate and homeownership.Perspective is key through the COVID-19 crisis, and although Victoria and New South Wales are battling to contain a second wave of the virus, we can’t lose sight of the fact that Australia still has some of the lowest rates of death and infection in the world.Our economy is also proving more resilient than those of our peers, and, barring a significant deterioration, should return to growth in the September quarter of 2020.While there are still many challenges ahead for our economy and our property markets, there are also reasons to be optimistic about certain segments of the Australian property market, particularly in the long term, and that’s what I’ll be discussing in this article.This was predicated on the worst case scenario of a long drawn out COVID-19 pandemic and a deep world wide recession, but Australia’s property markets look like they’ll be in for a soft landing.Despite our economy being in poor shape, housing price falls are likely be modest, and much smaller than predicted at the height of the COVID-19-related shutdowns earlier this year.In fact,  so far the property markets have remained resilient to a material correction.And, other than Victoria, with restrictive policies being progressively lifted or relaxed, the downwards trajectory of housing values will be milder than many first expected.Clearly the significant financial stimulus and support measures provided by our governments have kept the doors of many local business open and many people in their jobs.At the same time rental relief packages have kept tenants in their homes and mortgage support has meant that there have been very few forced sales.But remember…the government and the Reserve Bank have clearly stated that they will do anything and everything they can to support our economy and minimise the impact of the coronavirus on businesses and our economy.I can’t see the government which has spent so much time, money, effort and publicity building a “bridge” to get us across to the other side, to allow us to fall off a cliff rather than to extend that bridge even further.At the same time Australian Prudential Regulation Authority (Fact is, the economic downturn and the impact on the property market due to the pandemic is likely to be a little more severe than forecast only a month or two ago on account of the renewed lockdown in Melbourne.2021 is likely to be a year of economic recovery after. Subscribe now, whether you're on an Apple or Android handset.Need help listening to Michael Yardney’s podcast from your phone or tablet?We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android And, if you want to continue furthering your education and invest in yourself… Get onto Grant Cardone. Sort by: Price (High to Low) Homes for You Price (High to Low) Price (Low to High) Newest Bedrooms Bathrooms Square Feet Lot Size. The six-bedroom mansion with a no-expense-spared renovation, plus a pool and tennis court, fetched about $23 million late last year. Picture: Hamish BlairVillage Roadshow chief executive Clark Kirby sold 69 Sutherland Rd, Armadale.Chemist Warehouse co-founder Jack Gance’s wife, Evelynne, Real Estate Institute of Victoria president Leah Calnan said these “extraordinary” sales showed how strong the Melbourne market had been before COVID-19 struck.9 Yar Orrong Rd, Toorak fetched $15 million last year.3880 Frankston-Flinders Rd, Shoreham achieved $13.7 million.The Shoreham property was sold by a racing car identity.But JP Dixon director Jonathan Dixon — whose agency sold 2-4 Martin St, Brighton for $19.8 million — reported the top end had been “busier than last year (as) people with money realised it’s time to get a better home”.Marshall White director Marcus Chiminello said the lack of quality housing stock was boosting buyer competition to drive “solid prices”, while RT Edgar’s Jeremy Fox reported “frustration” among eager househunters with little to choose from in the $5-$15 million range.Swish Coburg reno and run-down Preston house smash reservesMelbourne stage four lockdown real estate questions answered1.