Mosman has retained its crown as Australia’s only billion dollar suburb after recording $1.456 billion worth of sales in 2018.
A report wrapping up the top performing suburbs found more than 300 houses sold in 2018 for $1.031 billion, while a similar number of apartments sold for $425 million.
CoreLogic’s Best of the Best report placed Mosman number one in Australia for house sales ahead of Brighton in Melbourne, which recorded $829 million worth of sales. In New South Wales, Vaucluse came second with $590 million in sales.
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The stable Mosman market saw it place third nationally for apartment sales behind Melbourne and Surfers Paradise. It was also number one in NSW, jumping Cronulla and Manly who were both placed above Mosman in 2017.
This follows Mosman’s prestige market recording its best year ever with 20 homes selling for more than $10 million. The top five sales alone in 2018 totalled $100 million or 10 per cent of all house sales. This includes Sydney Swans chairman Andrew Pridham who set a suburb record after paying $25 million for a Golden Mile home in July.
The Agency — North’s Dino Gatti said the high sales turnover was driven by home buyers taking advantage of improved buying conditions.
“They have more of an opportunity to negotiate prices than they did a year, two years ago, and that’s made a difference,” he said.
Ray White Lower North Shore director Geoff Smith said it came as no surprise Mosman was ahead of Vaucluse, given the lower north shore offers more bang for your buck.
“It offers everything the east does from beaches to views for a fraction of the price,” he said.
“Some would even say Mosman actually has better access to the city than Vaucluse.”
Mr Smith expects the strength of the 2018 market to continue this year along with the usual factors such as buyer demand outstripping property supply.
“The market will be very price sensitive and buyers will be expecting fair value for their money from vendors,” he said.
“Lots of people are buying long term and if something comes up that they like they will go for it no matter what the market is doing.”
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