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As seen in the Source link, written by on 2020-01-17 04:00:20

More than $1 billion dollars worth of property changed hands in Mosman last year, a new report has revealed.

CoreLogic’s Best of the Best 2019 report showed the pint-sized suburb recorded $851,791,900 worth of house sales and $346,152,200 worth of unit sales – a massive total of $1,197,944,100.

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Early start for north shore market

The result put Mosman – which has a total area of just 8.7sqkm – at the top of the national list for house sales value.

This was well above second placegetter, the Melbourne suburb of Brighton, which recorded $650,499,269 worth of house sales.

The unit sales result put Mosman in fourth place on the national list, behind Surfers Paradise, Dee Why and the Sydney CBD.

The report showed the median sale price for a house in Mosman last year was $3,895,407 (based on 208 sales), and $1,100,941 for a unit (based on 249 sales).

Eliza Owen, CoreLogic’s head of Australian research, said the high volume of multimillion-dollar sales contributed to the stellar result.

“Mosman is a very desirable suburb,” she said.

“Over 2020 we’re expecting the market to continue its upward trend.”

Mosman had several sales exceeding $10 million last year, including the $15.875 million sale of landmark property Leesthorpe, at 20 Bradleys Head Rd. This deal was finalised in December.

There were two $20 million-plus sales in Burran Ave, which gave the total a hefty boost.

Richard Simeon, of Simeon Manners Property, who sold Leesthorpe, said he was surprised to see Mosman top the list given the stock shortage that gripped the suburb in 2019.

“Typically we sell around 330 house sales for the year so 208 is very low,” he said.

“It really highlights how soft the year was right across the country in terms of total houses sold.”

Mr Simeon said the last quarter of 2019 was the standout for the year in terms of sales activity and in the rapid strengthening of prices.

“In the last quarter I sold seven houses worth $63.5 million, which was more in dollar value than the previous nine months,” he said.

Mr Simeon also notched up Mosman’s biggest apartment sale at 52 The Grove.

He described the $11.1 million sale as a highlight of the year, along with the sale of Leesthorpe.

“I have no doubt that the market will start with a boom (this year),” he said.

“Vendors, who have understandably held back, can now see the sales with strong prices achieved which is what they have been waiting for.”

There are currently 41 properties for sale in Mosman, according to Eight of these will be open for inspection this Saturday.


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