The prestige market on the lower north shore recorded its best year ever with 20 homes selling for more than $10 million, beating the 15 sales in 2017.
In what seems like a case of the rich not hearing about the end of the property boom, the year also saw new house and apartment price records.
Sydney Swans chairman Andrew Pridham set the mark for houses, paying $25 million in July for a Hopetoun Ave home.
This broke the previous record set in February when former Foxtel executive Richard Freudenstein sold his Burran Ave home for $23.733 million to self-described “shoe king” of China, Wilson Xue.
The apartment record is now $11 million after a penthouse in the Cremorne Point Estate development sold in July. This bettered two other sales including businessman John Kinghorn achieving Mosman’s first $10 million plus apartment sale after downsizing to a $10.22 million penthouse.
Ray White Lower North Shore director Geoff Smith said it had been an incredible year for prestige.
“There has never been a year before where we have had so many sales above $10 million,” he said.
His list of impressive trophy homes for sale included former Woolworths boss Bill Wavish’s $35 million Kurraba Point home.
“A lot of buyers who have been looking for years have come out to take advantage of increased stock this year,” Mr Smith said.
Belle Property Mosman principal Tim Foote said the prestige sector’s strength has showed the continuing shift in the price threshold buyers are willing to pay Mosman’s finest trophy homes.
“By anyone’s measure, $10 million is a significant investment but it’s no longer a ‘wow’ price in Mosman,” Mr Foote said.
Upper end strength, combined with supply and demand, meant Mosman prices held firm while other areas of Sydney struggled.
CoreLogic data showed a number of suburbs actually saw an increase in median sale prices across 2018. Mosman houses jumped 4.7 per cent to $4.018 million, while Cremorne cracked the $3 million mark.
Mr Foote said while the sub-$2 million market has been weaker, there was great value for buyers in that price bracket and less competition from investors.
Today’s Georgie Gardner was one of many high profile names who got Mosman fever after paying around $6 million for a Beauty Point home in October.
And while they were spotted house hunting, David and Victoria Beckham sent Mosman into a frenzy after renting a $17 million Plunkett Rd mansion during the Invictus Games.