Location and high demand keeps the dollars rolling in for Mosman
Mosman has emerged as the nation’s fastest growing suburb, with house values growing by an average of $299,000 every year for the past five years.
The result puts the exclusive lower north shore suburb streets ahead of Sydney’s average annual equity gain of $58,000 for a house.
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Only one other suburb in Australia managed to record growth anywhere near Mosman’s.
Collaroy, on the northern beaches, recorded an average house equity gain of $286,000 per year between 2014-2019, according to the CoreLogic figures.
These were the only two suburbs to record annual equity gains over $200,000.
Lower north shore real estate agents were not surprised by the news.
Nic Yates, of The Agency Neutral Bay, said Mosman had held up well in the current property downturn, and there were always buyers active in the market.
“It doesn’t surprise me — look at the lifestyle Mosman offers,” he said.
“The allure of Balmoral Beach, the village lifestyle, proximity to the CBD and the quality of homes is undeniable.
“Mosman typically will always buck the trend from what is happening in the greater Sydney area.
“Prices might not be as strong as in the boom, but it hasn’t crashed.”
Nerida Conisbee, the REA Group’s chief economist, said while strong equity gain might not automatically insulate a suburb against price declines, it did help protect against overcapitalising on renovations and other improvements.
And it was great for confidence, she said.
“I think it will make people in Mosman very happy,” she said.
Geoff Smith, of Ray White Lower North Shore, said the number one driver for Mosman’s impressive equity gains was the suburb’s proximity to the city.
Exclusivity and the uniqueness of the prestige homes also played a part.
“Everything that is closer to the city is always going to be more popular,” he said.
“It’s also a small area and there’s not a lot of stock available.”
Mr Smith is currently marketing a trophy home at 28 Ruby St, Mosman, which is expected to test the lower north shore’s house sale record of $25 million.
The six-year-old Ruby St home, owned by dentist Daniel Adamo and his wife, former recruitment boss Katie, is being sold by expressions of interest with a guide of $23 million-$25 million.
The property has had a whopping 15,626 page views on the realestate.com.au site since it was launched to market.
Mr Smith said a number of parties were looking at the luxury property.
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