Mosman 'Merchant Mansions' still in demand
Updated: Aug 12, 2019
Mosman is widely regarded as one of Sydney’s most prestigious suburbs, and yet for all its established families, waterfront mansions and billionaire residents its record high house price still lags far behind those eastern suburbs directly across the harbour.
“There’s one simple reason why Mosman is lagging so far in the trophy stakes and that’s because the properties that are worth $40 million and $50 million are never for sale,” said Raine & Horne Mosman’s Brendan Warner, who secured a $22.5 million sale to Oatley.
“I’ve had offers of well in excess of $50 million for one property in Mosman in particular and the owner wouldn’t accept it because they don’t want to move. And there are other properties in Mosman that should sell for $40 million and $50 million, but the owners won’t budge.”
“The fact is there are not many of these kinds of trophy properties (for sale) and they’re owned by these old-money, well-established families that don’t sell them,” Warner said.
Geoff Smith, of LJ Hooker Mosman, said the lack of high-end stock has held back Mosman’s market to such a degree that the area is now very good value compared with the eastern suburbs.
“There’s a lot more wealth over there and a larger pool of those sorts of houses for buyers to trade up to and downsize, whereas over here [in Mosman] if you plan to trade up there’s nothing to buy and people won’t downsize because there’s nothing to buy,” Smith said.
The Smith & Cabban (builders) merchant’s mansion Trebartha, recently sold with Belle’s Tim Foote for $11.25 million on behalf of Susan Blanche.
"It looks like the Murphys have bought into Trebartha in Mosman".
The sale is the 14th property to have sold in Mosman for more than $10 million this year, according to CoreLogic.
Named Trebartha, the 1394 sqm estate at 5 Milton Ave is the 14th sale above $10 million, in Mosman this year
"Trebartha" is an exceptional landholding on approximately 1394sqm, with a wide set dual access block it is home to beautifully landscaped gardens and boasts sweeping main harbour and city vistas.