Mosman struggles with downsizer demand

Mosman struggles with downsizer demand

Mosman’s ageing population is putting a strain on the property market with a short supply of suitable accommodation available.

The lack of options is forcing many downsizers to pay well above the asking price or simply stay in their homes and not sell.

For some, finding their next property is a process that can take years.

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McGrath Mosman agent Claudia Portale has seen a significant increase in downsizer activity.

“The stock for downsizers is far and few, but when there is something it’s snapped up quickly,” she said.

“We are inundated with requests and sometimes the demand is so strong that most of these properties never make it to market.”

Ms Portale said most downsizers will pay extra cash for the right property.

Last year, a Mosman couple downsizing paid $4.11 million — $411,000 above reserve — for a Prince Albert St apartment, while another paid $300,000 above reserve for a three-bedroom home on Military Rd.

Jane Munro and her husband just purchased a three-bedroom apartment in Mosman, but said finding something that suited their needs was a mission in itself.

“We looked rigorously for 18 months before we found something suitable and a place that we were successful,” she said.

Mrs Munro said they even looked at houses after having a difficult time in finding a suitable property.

“It was hard to find something with level access, so we considered Federation homes close to the village that we could adapt to our needs,” she said.

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