‘A serious property’: what’s behind Lavish underground mansions

A basement bonanza could be the unexpected result of major tax changes, with wealthy Melburnians looking to invest in their family home where there is no tax. A basement boom is on the cards for Melbourne’s elite homeowners as an unexpected result from Albanese government changes to property investment. From karaoke and whiskey bars, to pools, reflective ponds, dedicated cigar smoking rooms and super-sized carparking to get expensive rides off the city’s streets, the desire for homes with sophisticated subterranean spaces is on the rise. Architectural and building teams behind them have revealed high-end owners are increasingly seeking to maximise the value of their primary home, with real estate agents noting Australian government changes to investor taxes had been a catalyst for more buyers thinking that way — and others noting basement carparking had become a valuable security feature. RELATED: Inside Melbourne’s elite homes: What the young and rich want Melbourne’s crazy rich mansions: Ritzy real estate that could crack house price record Neighbour to iconic Pole House hits market Crypto casino billionaire Ed Craven is currently building a Toorak home expected to be worth about...