Super-wealthy Chinese are keen to snap up fast-track visas and target $10m-plus Aussie homes Buyers advocate David Morrell. MELBOURNE'S mega-mansions may soon be at the mercy of ultra-wealthy international buyers. A government proposal to fast-track residency for rich individuals investing $15 million here has already sparked ­inquiries from super-wealthy Chinese to Melbourne real ­estate agents. The Premium Investor Visa, to be made available from July 1, will allow the world's super rich to get temporary residency status, potentially leading to permanent residency in the space of 12 months. Real estate agents have ­reported that, with the opportunity to buy a home as part of temporary residence, wealthy foreigners are likely to target our top-end homes - those worth $10 million and up - potentially pricing local buyers out of the market. It comes despite an ongoing parliamentary inquiry into foreign investment in Australia. Buxton Brighton director Stefan Whiting, formerly an investment banker with Macquarie Bank, said he found out about the PIV when former banking clients from China began asking him about it. They have said they are ready to go as soon as the visa is formally introduced by the Government. 4 Mytton Grove, Brighton, has an eight-figure asking price. He said he expected it would put further pressure on local buyers chasing the city's best homes. Some of these larger transactions will happen off-market and local buyers may not even get a look in. JP Dixon Brighton owner Jonathon Dixon said a ­Chinese client who recently bought a property from his agency had subsequently invited a sales agent to their son's birthday party in China, where friends and family of the super-wealthy buyer reviewed ­high-end homes for sale here. "We have just come back from China and they are chaffing at the bit," Mr Dixon said. Prominent Toorak-based buyers advocate David Morrell said the idea was "bizarre" in light of an ongoing senate inquiry into foreign investment. If that happens, it's outrageous. It's giving away the farm," Mr Morrell said. The Stephen Jolson-designed 20 Linlithgow Rd, Toorak. I just don't think they understand the depth of the problem or what's going on. A Significant Investor Visa, providing those willing to ­invest $5 million in Australia for four years with a fast track to residency, was introduced two years ago. Got $10m lying around for your next place? THE magic-million dollar mark was once the gateway to the prestige end of the Melbourne property market. Torresdale Manor in Toorak is aimed at premium buyers. But with growing ranks of seven-figure sales - 47 suburbs now have million-dollar median values according to the latest figure from RP Data - properties selling for $10 million or more now set the bar. Adding an extra zero takes buyers to new heights of luxury, and there are plenty of buyers with the money. Kay and Burton, South Yarra, sales agent Michael Armstrong said the top end is "as lively as it's been for a long time." He said interest was coming from Melbourne business people who have made a lot of money since the GFC, expats working in America looking to turn their US dollars into Australian property and a growing interest in lifestyle properties from wealthy Chinese. In Toorak, Melbourne's priciest suburb for houses, there have been sales beyond $10 million for everything from period homes to modern marvels. "I did one recently for over $10 million for a block of land - and that will have a home built on it," Mr Armstrong said. That home is likely to feature a pool, tennis court, a significant amount of garaging, according to Mr Armstrong. "And entertaining is a big thing, a lot of them are high profile corporate people and entertain a bit at home," he said. JP Dixon, Brighton, director Jonathon Dixon has a pair of beach front mansions with eight-figure asking prices. Mr Dixon, who sold cricket legend Shane Warne's Brighton house last year for a price near $10 million, said interest in top end properties had been steady. "It's been steady, there's plenty of interest coming in from Asia," Mr Dixon said. Number 4 at Mytton Grove, Brighton, comes with everything from its own bathing box to an indoor lap pool, Egyptian marble tiling, a mix of bay and city views and a spa ensuite for the main bedroom that comes with a private, beachfront terrace. A striking residence at 20 Linlithgow Rd, Toorak, is another property that fits the profile. The modern home, designed by architect Stephen Jolson, has a grand cantilevered facade, walls of glass, a basement gym and a lap pool that wouldn't look out of place in a five-star hotel. Mr Jolson designed the home to have seamless boundaries between the interior and the landscape. A lift connects the three levels, which house elegant living spaces and a lavish main bedroom with private balcony. The home is set back from Toorak's exclusive riverside precinct, but still in one of Melbourne's priciest locales. It's on the market with Kay and Burton, South Yarra. On the other side of Toorak Rd, historic Torresdale Manor is also on the market with Kay and Burton. The refurbishment of the late 1800s home is one of Stuart Rattle's legacies. Many of the rooms look out over the picturesque English-style gardens, while bronze fixtures, chandeliers and marble surfaces create an opulent texture palette.