By Robert Carry

Pre-downturn boom prices look to be returning to Melbourne after it emerged that a caravan park in Toorak sold for $18.5m last week.

According to reports in the Sydney Morning Herald the new owner of the 13 Albany Road property is believed to be Gerry Ryan, the founder and managing director of Jayco Caravans.

The property consists of a single one-level house on 2400sqm land. "It goes to show buyers are willing to compete to secure premium properties," said Ross Savas of selling agent Kay & Burton.

"I don't think this is a bubble in the market, it's more a reflection of what the very best homes are worth."

Ryan is believed to have beaten out two other would-be buyers who made offers on the property, previously owned by Future Fund board of guardians member Jeffrey Browne.

The other two bidders are believed to have been Melbourne natives living abroad.