“The median house price now $3,275,000, up a further 9.2 per cent over the six months to September”
Article: Kate Farrelly (Domain.com.au)
The Mosman housing market is under-supplied and prices are continuing their seemingly inexhaustible northwards climb, with the median house price now $3,275,000, up a further 9.2 per cent over the six months to September.
“Annual sales volumes are well down on 2015,” says Belle Property Mosman agent Tim Foote. “Sydney’s boom is certainly over but a lack of stock for sale across the city, including the lower north shore, is keeping prices very strong. Today’s unusual supply/demand dynamic is the tightest we have seen in 10 years and presents an incredible opportunity for home owners across all price brackets to fully capitalise on recent price growth.”
Foote believes “the smart people” are actually buying somewhere first and then putting their house on the market and LJ Hooker Lower North Shore agent Geoff Smith agrees.
“I think it’s more of a traditional Mosman market where a lot of people are waiting for the right house to come up,” Smith says. “A lot of people are happy to buy before they sell now and we’re in that cycle where some vendors think it might take a long time to find something, and with low interest rates they’re happy to wait.”
Strong sales in recent months include Foote’s sale of an Alex Popov-designed residence on Plunkett Road for more than $16 million, the highest sale in Mosman this year, and Smith’s sale of the long-abandoned mansion in Morella Road for $6.6 million.
Foote says he doesn’t see any grey clouds looming in 2017.
“I don’t see anything that will cause interest rates or unemployment to go up,” he says. “My sense is that it will continue as it has been this year, although it’s unlikely to be at the same frenetic pace because there’s been such good price growth.”
Looking for a property in Mosman? Try these…
14 Beauty Point Road
5 bed 5 bath 3 car
Built 1990s; renovated 2016
Land 664 square metres
Inspect Sat and Thu, 11.30am-noon
Agent Belle Property Mosman, 0416 090 191
Auction December 3
Last traded for $5,175,000 in 2014
A newly completed and very thorough cosmetic renovation has elevated this home from modern family comfort to designer luxury. Vintage oak flooring and wall features, innovative lighting, stone detailing in the enhanced front and back gardens and a refurbished pool all contribute to a polished residence befitting its bayside position.
Boasting a due north aspect overlooking Pearl Bay and Middle Harbour, the property features three separate living zones and a customised home office with fireplace. The sophisticated kitchen comes with integrated Miele appliances, marble benchtops and splashback and a unique timber island bench for casual dining.
Upstairs three of the five bedrooms open onto a north-facing balcony capturing panoramic harbour views and the master has a huge walk-in wardrobe and an en suite with freestanding bath and twin showers. Mosman Rowing Club and the Middle Harbour Yacht Club are only a few minutes’ drive away.
Room for improvement: An outdoor kitchen would complete an almost flawless package.
71 The Esplanade
5 bed 3 bath 4 car
Built 1970s; renovated 1990s
Land 594 square metres
Inspect Tue and Thu, 11.45am-12.15pm
Agent LJ Hooker Lower North Shore, 0418 643 923
Auction December 1
Last traded for $7.15 million in 2006
If you’ve walked along The Esplanade at Balmoral and imagined living so magically close to the beach, the sale of this property – one of only a handful of freestanding homes in the street – will be welcome news. Footsteps from the sand, Balmoral Beach Club and Bathers Pavilion the house spans three levels, with the upper levels making the most of the view.
There’s a double garage at street level, then access via either lift or stairs to the ground floor living spaces. A formal living and dining room with fireplace and a separate casual dining room adjoining the granite kitchen both open onto a covered balcony with front row views.
A large family room opens onto a sandstone terrace and manicured gardens at the back of the house. The bedrooms are upstairs, the spacious master with a walk-in wardrobe, a spa en suite and the best of the views from a full-width balcony.
Room for improvement: Consider new flooring in the formal living spaces.
64 Spencer Road
5 bed 3 bath 2 car
Built 1908; renovated 2014
Land 519 square metres
Inspect Sat and Thu, 11am-11.30am
Agent McGrath Mosman, 0411 714 442; Croll Real Estate, 0419 998 413
Auction November 26
Last traded for $1.1 million in 1999
Close to the Cremorne border and therefore within easy reach of Military Road shops, restaurants and the Orpheum cinemas, this impressive residence is set in a wide, tree-lined street among other character homes.
A highlight is the Vergola-covered, travertine tiled terrace off the casual living space which overlooks a beautifully maintained garden surrounded by manicured hedges and featuring a heated pool and spa. There’s a cosy lounge room with gas fireplace and built-in cabinetry, a modern kitchen with stone-wrapped breakfast bar and stainless steel appliances and a customised study.
The five bedrooms are on the first floor, all with plenty of built-in storage, and you’ll find a skylit teenager’s retreat on the second floor with access to more storage. Additional features include a cellar, parquetry floors and internal access from the garage.
Room for improvement: Turn bedroom five into a sitting room/study for the master suite.