Sydney’s house prices fell 0.4% in April and 3.4% from the same time last year, providing welcome news for investors looking to buy. However, areas of the city’s lower north shore were still seeing strong prices and stock levels as recently as March, and Mosman held relatively fast in its median property sale price over April. The suburb’s current median price for houses is $3.59 million, while the median unit price is currently $1.18 million.
Mosman is one of the priciest suburbs to buy property in Sydney, and for good reason. This location provides easy access to the high-quality local schools and shopping opportunities, as well as the trendy bars and cafés that continue to pop up in and around the area. Within minutes of their homes residents can access Taronga Zoo, walk along tracks that overlook the coastline and find plenty of options for watersports including yacht and rowing clubs. There’s also a beautiful sheltered swimming beach at Balmoral Beach that makes this location a highly desirable place to live.
The suburb is known for its expansive historic and modern waterfront properties, however there are many taking advantage of the location with smaller investments. Apartments and units have been popular in the area, with retiring couples downsizing into stylish smaller homes that are still close to the city and every convenience.
Is Mosman the right suburb for me?
You’ll find a range of people calling Mosman home, from retired couples to city professionals and their families. Once people move to the area they tend to fall in love with it, so neighbours will often have known each other for years. The green spaces and walkways here also ensure people get out and about to engage with their surroundings. Interestingly, Mosman and Crows Nest are also two of only six suburbs in Australia recently recorded with no late mortgage repayments. Within an extensive sample, it was found that no Mosman residents were over 30 days overdue on their mortgage arrears. This indicates a relatively stable and financially secure area, backed by the fact that the suburb has some of the lowest crime rates in New South Wales.
If Mosman isn’t the perfect fit buyers might also consider the surrounding suburbs of Cremorne, Cremorne Point and Kurraba Point for their similar appeal. Remember that if you’re planning to invest in a property with a strata title, it’s worth requesting a Section 184 Certificate to ensure its strata scheme’s matters are being managed and maintained effectively.
For strata management in Mosman and surrounds, contact Real Property Services in Cremorne today.