Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth

Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth
Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth

The Mosman weekend top seller fetched $5.7 million. But the marketing has suggested $6 million plus hopes.

But it represented only a small increase on its past two sales.

The five bedroom, four bathroom house had previously sold in 2008 at $5.25 million, reflecting 1.5% annual price growth during the past six years.

And it had been renovated in the meantime.

Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth

Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth

Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth

Back at pre-GFC median highs, but Mosman top seller can only muster 1.5% annual price growth

Photos: 18 Moruben Road, Mosman from its 2008 listing, prior to renovation

With views of Balmoral, The Heads and Manly, it had also sold at $5.1 million in 2007.

The five-bedroom house on 590 square metres at 18 Moruben Road fetched $5.7 million through Belle Property at weekend auction. 

RP Data puts Mosman's median house price currently at $2.3 million, just a tad under its $2.36 million median record achieved in 2012.

The $2.3 million median is however matching the peak achieved prior to the onsite of the global financial crisis.

It dipped to as low as $1.9 million in 2009.

After its 2012 recovery, it dipped to around $2.05 million.

Mosman agent Robert Simeon wrote today that the Mosman house market was easily one of the most observed on the property catwalk.

He presented some interesting stats on the sales volumes from Australian Property Monitors. 

  • 2006 Number of Houses Sold 366 for a total value of $932,663,130
  • 2007 Number of Houses Sold 373 for a total value of $1,130,325,667
  • 2008 Number of Houses Sold 247 for a total value of $702,311,112 – GFC
  • 2009 Number of Houses Sold 278 for a total value of $732,986,251 – GFC
  • 2010 Number of Houses Sold 317 for a total value of $900,728,149 – GFC
  • 2011 Number of Houses Sold 270 for a total value of $777,349,292
  • 2012 Number of Houses Sold 284 for a total value of $789,400,700
  • 2013 Number of Houses Sold 366 for a total value of $1,022,005,721*

 

Simeon noted the 2013 figure will rise significantly higher given a number of top end properties sold late in 2013 with long settlement periods.

 

 

 

The Moruben Road house topped RP Data's list of the week's top 10 sales. There were just the two entrants from Melbourne.

Top 10 sales of the week ending March 23, according to RP Data:

18 Moruben Road, Mosman, NSW, 2088, five-bedroom house, sold on March 22 by Belle Property Mosman for $5.7 million

21 Wallis Avenue, Strathfield, NSW, 2135, six-bedroom house, sold prior to auction on March 22 by Georges Ellis & Co for $4.525 million

24 Beaver Street, Malvern East, VIC, 3145, five-bedroom house, sold at auction on March 22 by Jellis Craig Bennison Mackinnon for $4.1 million

67 Georges River Crescent, Oyster Bay, NSW, 2225, five-bedroom house, sold at auction on March 18 by Highland Property Agents for $3.45 million

233 O'Sullivan Road, Bellevue Hill, NSW, 2023, five-bedroom house, sold on March 19 by Richardson & Wrench Double Bay for $3.18 million

14 Allenby Road, Canterbury, VIC, 3126, five-bedroom house, sold at auction on March 22 by Kay & Burton for $3.125 million

7 Blake Street, Rose Bay, NSW, 2029, four-bedroom house, sold on March 18 by Ray White Double Bay for $3.1 million

5/32A Awaba Street, Mosman, NSW, 2088, three-bedroom house, sold at auction on March 22 by Croll Real Estate for $3.065 million

10 Spofforth Street, Cremorne, NSW, 2090, five-bedroom house, sold on March 21 by Belle Property Neutral Bay Neutral Bay for $3 million

34D Latimer Road, Bellevue Hill, NSW, 2023, four-bedroom house, sold prior to auction on March 17 by L J Levi Real Estate for $2.9 million

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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