Despite volatility during the GFC, over the past five years premium property values have outperformed the broader market, with an average annual gain of 8.0%. Mosman leads the nation with house sales priced at $1million or higher--over the last 10 years there have been 3,055 houses sold for at least $1million in Mosman, the highest number of any Australian suburb. In 2009, 91% of all homes in Mosman were sold for over $1million.
However, the number of houses sold in the premium market has not followed the same upward trend as housing values. The 2009 sales volume figures in the premium market are nowhere near where they peaked in 2007: in Mosman 376 $1million-plus homes were sold in 2007, as compared to 271 last year.
The Mosman 2010 first quarter auction figures have made headlines, by leading in the Sydney market with 100 listings (compared to 43 listings during the same period last year). Mosman’s auction clearance rate is up to 67% for the quarter, from a low 37% for the same time last year. This leap in auction success can be attributed by the increase in premium buyers returning to the market, while the volume of properties for sale has remained low, driving competition suited for the auction process.
Speaking to buyers on a day-to-day basis, many have been seeking their dream home for many months now, having missed out previously due to competing bids or not yet finding a property that “ticks all the boxes.” They are hungry for homes and units in the area, and are ready to buy now.
If you are considering selling, we would strongly encourage you to act now. Buyers are active in the area right now and are eagerly awaiting fresh properties to come on the market. However, as reported previously, this environment will likely change by the end of this year as interest rates continue to rise and the market cools to a more sustainable rate of growth. The press is predicting a “house price slump” and “exhausted market” towards the end of the year, as home loans continue their downward trend.
Interested in what current buyer demand could mean for your property’s value? Give me a call today for an obligation free discussion - 0414 666 190.
Wishing you all the best,
Joshua Wygoda
Century 21 Mosman
Sales statistics courtesy of RP Data
Recent Successes
63 Milson Road, Cremorne Point - SOLD
106/56 Spit Road, Mosman - SOLD
8/11a Silex Road, Mosman - SOLD
21 Wudgong Street, Mosman - SOLD
71 Clanapline Street, Mosman - SOLD
Recent Listings
3/8 Silex Road, Clifton Gardens - Stunning Renovated 2-bedroom Apartment
2/116 Milson Road, Cremorne Point - Sophisticated 2-bedroom Garden Townhome
3/96 Milson Road, Cremorne Point - Waterfront Reserve 2-bedroom Apartment
5/71 Milson Road, Cremorne Point - 3-bedroom Penthouse, Amazing Views
Sydney Wharf, Pyrmont - 3-bedroom Wharf Penthouse
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