Prestige real estate buyers chase ultimate Mosman lifestyle

Mosman real estate is among Sydney’s most popular for prestige buyers seeking the ultimate Harbour City lifestyle. This is why.

Mosman real estate is among Sydney’s most popular for prestige buyers seeking the ultimate Harbour City lifestyle.

The blue chip suburb has two homes on the list of NSW’s top mansion sales for 2020, behind only Point Piper and Vaucluse as prestige real estate’s most sough-after locations this year.

A Ruby Street address and another in Plunkett Road, both $20m million plus sales, made the list as the wealthy chase the aspirational lifestyle available in one of Sydney’s best known prestige suburbs.

Mosman continues to be some of Sydney’s most sought-after prestige real estate. Picture: Supplied

A Baden Road address in Kurraba Point was the other lower north shore property that made the top sales list.

With help from leading prestige real estate agents and valuer Dyson Austen, we compiled a list of NSW’s top 20 property sales this year, which netted sellers a staggering $579.75 million.

From the top $95 million sale of Point Piper’s incredible Edgewater and its gun barrel views of the Opera House and the Harbour Bridge to the $18 million price tag (200 times the average Australian salary) of “the ultimate Mosman estate”, with a commanding Middle Harbour outlook, these sales sum up the rollercoaster ride that 2020 has been.

The Mosman lifestyle. Supplied

Prestige sales took a hit as much of the economy did when COVID-19 swept through Australia in the second quarter of the year. But since then the market has exploded as consumer confidence continues to rebound — as evidenced by Edgewater’s September sale.

“Some big sales have occurred in the last few years but I don’t think the prestige market has ever been so busy as right now,” Sotheby’s managing director Michael Pallier said.

Mr Pallier brokered the Edgewater sale, Australia’s second highest ever, and the $24.6 million September auction of 42 Vaucluse Rd – the highest ever sale under the hammer.

“The market had a three-month pause and then it has taken off again,” he said.

“There is a lack of stock and a high demand for houses facing the Harbour Bridge. Buyers want that iconic Sydney experience.”

Mosman’s harbour views are hard to beat. Picture: Supplied

This Plunkett Road address sold for $20 million. Picture: Supplied

The massive buyer interest across the market in sea-change or treechange was illustrated at the top end by last month’s $22 million sale of 35 Marine Pde, Byron Bay, which is No. 11 on our list.

Locals speculated Hollywood star Matt Damon was the lucky buyer but that has been denied.

Pillinger’s Brad Pillinger sold three of the top 20 properties, the most of any agent — Point Piper’s Routala for $51 million, 7 Rose Bay Ave for $30 million and 29A Wentworth St, Point Piper for $19.5 million.

19/2/20: CEO of Atlassian, Mike Cannon-Brookes paid $24.5 million for Jennifer Hawkins Newport home. Picture: John Feder/The Australian.

The Palm Beach home of late media executive Sam Chisholm set a suburb record of $24 million. Picture: Supplied

“There is more bullish thinking at the top end,” he said.

“Buyers are more interested in getting the option they want rather than focusing on the price they pay. No doubt we have dealt with the virus the best in the world, our economy seems to be going as strong as any other, so why wouldn’t you want to buy here?

“In terms of a tax-free investment, what better appreciation will you get? And people want to enjoy their home. You can get that position on the waterfront with a view and add value to the home [through renovation etc] over time.”

Byron Bay locals have been speculating that Matt Damon is the buyer of this $22 million, Marine Parade home. Picture: Supplied

Darling Point is another suburb with rich and famous owners. Picture: Supplied

Blue chip suburbs Point Piper, Vaucluse and Mosman dominate the top sales.

Simon Feilich from respected valuer Dyson Austen said the prestige market is often a bellwether for the wider economy and with the pandemic behind us and other global uncertainty, such as the US general election, in the rear view mirror the outlook was positive.

This is what $21.5 million buys you in Bellevue Hill. Picture: Supplied

Mosman is another highly aspirational suburb, as this $20 million Plunkett Road home shows. Picture: Supplied

“People sitting on large sums of money are finding it hard to get a return on a risk-free basis, so they are looking for a home and upscaling,” he said.

“With the interest rate ‘bracket creep’ buyers can effectively buy two-and-a-half times the money than a few years ago, due to falling interest rates.

Your money is safe with a $19.5 million Point Piper view. Picture: Supplied

Tony Denny bought up big in Point Piper. Picture: Troy Snook

“People are not travelling either so they are looking more at their lifestyle. To live a few streets closer to the water or in an area they have wanted to.

“With the shortage of stock, a vaccine on the way and so much government stimulus supporting the whole economic spectrum, I don’t see any real abatement before 2022.”