One of Sydney’s most affluent suburbs, Mosman, has recorded the nation’s highest gross value of house sales, new data has revealed.
According to RP Data, Mosman, located on Sydney's lower North Shore, recorded the nation’s highest gross value of total house sales between January 1 and September 30, 2011 with a total value of $707,390,099 across 256 sales.
“Since April of last year we have seen the market adjust slightly, enough for owner’s expectations to be higher, this leveling of the market has created a great platform for Mosman to perform well,” Lisa Tremolada, director at Maddisons Real Estate, in Mosman, told Real Estate Business.
“Mosman covers affluent areas and many properties have water views or are in waterfront positions, so this can be expected,” principal director at P. Leahy Real Estate, Rowan Carroll, said.
P. Leahy Real Estate was founded in 1890 and has serviced the Mosman area for over 100 years. Fourth generation owner Mr Carroll said it is generally expected that Mosman always does well.
“Historically Mosman has always performed well, and on average we are selling more expensive houses.”
However, Mr Carroll cautioned against reading too much into days of market figures, also from RP Data, that showed houses in the suburb took around 112 days to sell (as of December), while units took an average of 63 days to sell.
“I don’t agree with those figures," he said.
"It is all relative. It could be dramatically shorter or even longer.
“Sometimes we will sell within a week or two and then sometimes it could take months, even one year to move in the market. This is more common with the high-end expensive homes.
“The market is moving, albeit at a reduced cost. There is not so much downturn as you might have expected.”
According to Mr Carroll, the key to keeping vendors happy during the long selling periods is to ensure communication channels stay open.
“It is important to keep the client informed in any progress the home is making. It is all hard work and being open to many different options,” he told Real Estate Business.