The former Melbourne home of the ABC’s finance expert Alan Kohler has been resold at a loss of $525,000.

Kohler, 72, offloaded the five-bedroom, three-bathroom property in ritzy Hawthorn for a whopping $8.7million in May 2024.

According to the listing, the home went under the hammer again in February.

On Sunday, The Australian reported that the new buyers paid $8.17million, a six per cent drop for prestige properties in up-scale Hawthorn.

Buyers agent Mal James told the publication that the market for A-list homes has ‘stalled’.

‘Prices of many homes – not all, but a lot – have recently felt like they’re rolling along on half-flat tyres,’ he said.

The gorgeous former Melbourne home of the ABC’s finance expert Alan Kohler (pictured) has been resold at a loss of $525,000 – indicating that even ‘prestige’ pads are not immune to the housing crisis

Kohler, 72, offloaded the palatial pad in ritzy Hawthorn for a whopping $8.7million in May 2024. On Sunday, The Australian reported that the new buyers paid $8.175million, in February, a six per cent drop for prestige properties in up-scale Hawthorn

The Edwardian-era home features  five bedrooms and three bathrooms

Kohler, alongside his wife, author Deborah Forster, lived on the Hawthorn property for 21 years after snapping it up for a mere $1.7million in 2003.

Originally built around 1912, the Kohler’s splashed another $300,000 on renovations supervised by interior designer Geraldine Maher in 2013.

Situated 7km from the CBD in the Grace Park Estate, one of Melbourne’s most sought after neighbourhoods, highlights on the two-storey home include a private library and cellar.

Design features include Carrara marble benches in the kitchen and a private ‘retreat’ on the first floor.

There’s also a pergola, pool, and a gym that can also double as a studio.

Other highlights include a ‘family’ room and a home office.

It comes after Kohler recently pointed the finger at politicians fearful of offending ‘not in my backyard’ (NIMBY) home owners for Australia’s housing affordability crisis.

‘Australia’s housing crisis is the result of decades of failure by the nation’s political classes,’ he said.

Originally built around 1912, the Kohler’s splashed another $300,000 on renovations in 2013

The home is situated 7 km from the CBD in the Grace Park Estate, one of Melbourne’s most sought after neighbourhoods. Pictured: One of several living areas

He told 7.30 in February that homes would only become affordable again if there was an oversupply of properties with a backyard.

‘To solve housing affordability, we need to not just meet demand but surpass it,’ he said.

‘In my view, there has to be an oversupply of houses in the inner suburbs, the outer suburbs and the middle.

‘That oversupply should ease rental pressures, and maybe even stop house prices rising.’

But Kohler said politicians were reluctant to upset NIMBYs, who wanted to continually get strong capital growth and were opposed to the development of new apartments in their neighbourhoods.

‘The question is, are those with a mortgage or owners like me prepared to see the value of their biggest asset flatline or even fall?’ he asked.

‘Making housing more affordable won’t be easy – our suburbs will be more crowded, and your house and my house won’t be worth as much, so I’ll leave that to our political leaders to tackle.’

High-rise apartments in places such as Sydney’s lower north shore and Melbourne’s bayside would destroy the garden suburb character of leafy postcodes.

But they would also increase the supply of new homes, giving more choice to prospective buyers wanting to live near the city.

Sydney’s median house of $1.47million now costs more than 14 times the average, full-time salary of $102,742, before a 20 per cent mortgage deposit is factored in.

Someone would need to earn $227,000 to even get a loan – and still be in mortgage stress despite being among the top 2.3 per cent of income earners.

In Melbourne the median house price for a four-bedroom home is $930,000.