WHEN Paul Preat commutes to work, he usually takes a helicopter.
The journey from the launch off the helipad tucked behind the converted former stables on his extensive country property to a morning coffee in Collins Street takes him all of 25 minutes.
If a business associate commuting from Canterbury asks how long it takes, "I always say I'll be there before they will," Mr Preat says.
It's not the lifestyle of your average worker, but then Mr Preat's home in Victoria's Western District is certainly not the average property for sale on the Melbourne market.
Arguably one of the best trophy country properties in the state, it is back on the market for about $14 million reduced from $20 million along with a swag of other landmark rural homesteads.
The advertising for Larundel describes it as "one of Australia's finest country estates within 75 minutes of Melbourne by road and 20 minutes by helicopter to its Docklands heliport and hanger".
West of Melbourne, midway between Ballarat and Geelong, the 1000-hectare Larundel homestead was built by the Austin family, founders of the Larundel psychiatric and Austin hospitals. It is the sort of property that is favoured as a backdrop for fashion shoots and new car launches and comes with a five-bedroom homestead, four-bedroom guest house, helipad, tennis court, polo field, croquet lawn, trout-filled billabong and access to two rivers with sandy beaches.
The Paul Bangay garden, designed for the previous owner, is its main feature.
Swapping Gucci for the homestead garden and a city office for pastoral paddocks wasn't difficult, says Mr Preat, a businessman who is selling to pursue a new tourism opportunity in Queensland.
With two children nearing school age, he and his wife have decided to move on after spending more than $4 million upgrading the property during the past nine years.
Vying for the dollars and investment of similar wealthy individuals is Trawalla Station.
Built in 1891, about the same time as Larundel, Trawalla, also in Melbourne's west near Ballarat, boasts plenty of space for guests, with its 14 bedrooms.
In typical colonial fashion the imposing double-storey homestead has a vestibule, library, morning room, study, large country kitchen, sitting room and formal dining room.
It too has an English country garden setting with sweeping lawns, century-old trees, gravel pathways, historic stable complex and walled kitchen garden, all set on a working farm of 4100 hectares near Mount Emu Creek.
The only downside is the nearby minimum security prison farm HM Prison Langi Kal Kal.
Another trophy property with a difference set on top of the hill in Mount Macedon with spectacular views of Melbourne is Duncraggan.
Expected to sell for about $4.5 million, the original mansion built in 1871 burnt down in the Ash Wednesday bushfires and was replaced with a contemporary seven-bedroom home.
But it is not all fresh air and roses for those seeking an idyllic country retreat or "the pinnacle of rural living" as Trawalla's advertising puts it.
Woodend real estate agent John Keating recently marketed Mount Macedon's Sefton mansion for $12 million before it was withdrawn from sale.
"There is one factor negating against rural properties at the present time and that is the slowly, slowly tightening tax laws that cover primary producer status," he said.
That change may hurt the market for Collins Street farmers, he said, but there were still individuals with enough net worth not to be affected.
"I think that's happening. There are people out there who are doing extremely well."
Frequently Asked Questions about this Article…
What is a "trophy country property" and why might investors consider buying one?
A trophy country property is a high-value rural estate with luxury features, extensive land and historic or designer elements — think grand homesteads, formal gardens and large acreage. Investors and wealthy buyers may consider them for lifestyle use, prestige, potential event or film/photo backdrops (the article notes fashion shoots and car launches), and as distinctive real‑estate holdings near a city like Melbourne.
How much do luxury rural estates near Melbourne typically sell for?
Prices vary widely. The article cites Larundel reduced to about $14 million (from $20 million), Duncraggan expected around $4.5 million, and a Sefton mansion marketed at $12 million before withdrawal. Values depend on size, heritage, location and amenities.
Which property features and amenities tend to drive value in luxury country properties?
Features that add value include multiple homesteads or guest houses, helipads, designer gardens (for example a Paul Bangay garden), sporting facilities (tennis courts, polo fields), water features or private rivers, historic stable complexes and large working‑farm acreage. The article highlights these as headline selling points for trophy estates.
Can commuting convenience, such as a helipad, affect the investment appeal of a rural estate?
Yes. The article describes an owner who commutes by helicopter in about 25 minutes to Collins Street and notes Larundel is about 20 minutes by helicopter to a Docklands heliport — convenience like this can increase appeal to city‑based buyers who value fast access while keeping a country base.
What common reasons do owners have for selling high‑end rural properties?
Owners sell for lifestyle or business reasons. In the article, the Larundel owner sold to pursue a new tourism opportunity and to relocate for family (children approaching school age). The owner had also invested heavily in upgrades — more than $4 million over nine years — which can factor into timing and pricing decisions.
What risks or downsides should everyday investors consider when looking at trophy rural properties?
The article flags several potential downsides: changing tax laws around primary producer status that could affect financial benefits, undesirable nearby neighbours (it mentions a minimum‑security prison farm near one estate), and local risks such as bushfire history (an original mansion destroyed in the Ash Wednesday fires). These issues can influence marketability and long‑term value.
How might changes to primary producer tax rules impact the market for rural homesteads?
According to a local agent quoted in the article, the 'slowly, slowly tightening tax laws' covering primary producer status are a factor working against rural properties at present. That change could reduce appeal to some buyers (for example city investors seeking tax advantages), though the agent also noted there remain individuals with enough net worth who may not be affected.
Are luxury rural estates used for purposes other than private residence, and does that affect investment potential?
Yes. The article points out trophy properties are often used as backdrops for fashion shoots and new‑car launches and can support tourism or commercial activities. Such alternative uses can enhance income or prestige potential, but suitability depends on the specific property, zoning and the owner’s plans.
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