Mosman rejoins the $4m club after absence of six months
Mosman is known for its up-market properties, but it hasn’t been immune from the Sydney-wide property downturn. Now, the popular suburb is back in the $4m club for the first time in six months.
Mosman has rejoined the $4 million club, after an absence of six months.
Latest data from CoreLogic reveals the suburb’s median house sale price has climbed to $4,018,750.
Based on 311 sales to February this year, this represents a 12-month growth rate of 4.4 per cent, and a healthy five-year growth rate of 68.9 per cent.
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It also comes off the back of data, also from CoreLogic, showing Mosman was Australia’s fastest growing suburb, with house values growing by an average of $299,000 every year for the past five years.
That result was more than five times more than Sydney’s average annual equity gain of $58,000 for a house.
The last time Mosman had a median house sale price of more than $4 million was in December 2018, when interestingly, it was also $4,018,750.
At the peak of the Sydney market in the latest property boom, in June 2017, the Mosman median house sale price was $3,810,000.
But Mosman isn’t the only lower north shore suburb to have cause to celebrate a boost to prices.
Another seven have posted solid 12-month growth rates — some of them already surpassing the 13 per cent experts say the Sydney market has lost in general during the recent downturn.
The house market has been particularly strong, with Waverton a standout, growing 16.7 per cent in the 12 months to February. Other suburbs to see growth included Wollstonecraft (14.8 per cent), Cremorne Point (14.6 per cent), Neutral Bay (13.8 per cent), and Cremorne (7.3 per cent).
Suburbs with strong growth in the unit median price included Crows Nest (7.9 per cent) and Kurraba Point (7.2 per cent).
Michael Coombs, of LJ Hooker Avnu, said there had been a clear change in buyer sentiment in recent weeks.
“We know the buyers have been there, but now they are acting,” he said.
He said buyers were buoyed by confidence from the Coalition’s return to power at the Federal Election, and had fuelled almost $42 million in sales in two weeks at his office.
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The sales stretch along the lower north shore, and included the $6 million-plus sale last week of 41 Redan St, Mosman.
“With a Coalition Government, there’s less uncertainty that the property market will drop further, and with buyers waiting since Easter to see what will happen, they’re more than ready to buy now,” Mr Coombs said.
Originally published as Mosman rejoins the $4m club after absence of six months