Agents brace for Chinese Year of the Dragon and powerful buyers

Agents are bracing for an influx of wealthy Chinese buyers from February 10 when China celebrates the Year of the Dragon.

15 Edwards Bay Rd, Mosman, which last traded for $6.05m in 2021, sold for about $10m just before Christmas.

Agents are bracing for an influx of wealthy Chinese buyers from February 10 when China celebrates the Year of the Dragon and Chinese buyers arrive in Sydney looking for prestige property.

High-profile agent Jonathon De Brennan has already seen three times as many buyers from China in the past month compared to last year and has foreign purchasers booked to inspect property throughout February.

“This is the first Chinese New Year since the pandemic where there are no travel restrictions for Chinese nationals, the celebrations last 16 days, it is the one time of the year when they are not working and we expect them to visit the eastern suburbs and Mosman looking for property,” he said.

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The Edwards Bay Rd home is considered to be a knockdown.

In the week before Christmas, Mr De Brennan was selling to Chinese purchasers trying to get the jump on the prestige property market.

They bought a knockdown in Edwards Bay Rd for about $10m, a solid house on a small block in Morella Rd with views over Chowder Bay for around $8m and were contenders in a $11m+ sale of 13 Hopetoun Ave in Mosman’s golden mile that sold off market before it could be formally launched.

“We are bracing ourselves,” Mr De Brennan said.

Number 15 Edwards Bay Rd, Mosman was only on the market for a couple of weeks and was unchanged from when it last traded in March 2021 for $6.05m.

It has simple interiors.

Chinese buyers bought it for about $10m on December 20 — a $4m increase in the property’s value in less than three years.

The four-bedroom elevated house at 22 Morella Rd sold on December 15 to Chinese purchasers.

It had a guide of $8m and was the home of Meredith Hellicar and David Foster for more than 30 years.

But incredible views.

Ms Hellicar is the former chairman of James Hardie and is currently the executive chair at Merryck & Co which specializes in executive coaching and mentoring.

Lastly, the five-bedroom house at 13 Hopetoun Ave, owned by retired couple Nigel and Diane Smyth, sold on December 23 and although it was a local family who bought the property the underbidders were Chinese purchasers.

Mr De Brennan declined to comment on the sale price but industry sources suggest it sold for at least $11m.

Originally published as Agents brace for Chinese Year of the Dragon and powerful buyers