They say the best time to buy property is in the past. This is certainly the case for homes in Mosman, which have exponentially risen in value since the area was first settled. It’s little wonder they are so sought after, given the area’s fantastic access to the beach and CBD, as well as its relaxing urban village vibe.
Take a step back in time to see what homes and properties in Mosman were worth in days gone by…
Mosman property prices through the decades:
The early settlers in Mosman were often granted huge areas of land, encompassing blocks which dozens, if not hundreds of residents live on today. Take a look at some ‘way back’ property prices and bristle with envy at the affordability.
Bradleys Head Road: Historic documents share that in 1876, local developer Richard Hayes Harnett built ‘Buena Vista’, a two-storey, two-wing residence at the junction of Middle Head and Bradleys Head Road, which was one of only around 20 homes in the area at the time. He spent £5000 on the residence and used it as a ‘marketing tool’, to attract a certain class of people and standard of living. Obviously this worked because you would easily pay over $10 million for a spacious home on Bradleys Head Road in 2020.
17 Warringah Road, Mosman: In September 1900, the author Ethel Mary Turner (1870-1958) and her husband purchased a vacant block of land in Warringah Road, Mosman, for £150. The block had a panoramic view of Middle Harbour and overlooked Chinamans Beach. This location now accommodates six apartments, which enjoy similar views. The most recent sale in this development was in 2019 for $2,700,000 with other apartments in the building varying in value.
Nutcote House, Wallaringa Avenue: Illustrator May Gibbs purchased an empty lot on Wallaringa Avenue for £1365. Once her house was completed in the mid 1920s, the full investment was a princely sum of £5000. North Sydney Council purchased Nutcote for $2.86m in 1990 and it is now open to the public as a museum.
77a Spencer Road: In 1938, a young couple purchased their three bedroom home on Spencer Road for £3000. As the Daily Telegraph reported, they didn’t move out again until nearly 80 years later, with the property selling for over $1.6 million in 2014.
26 Iluka Road, Mosman (Clifton Gardens): David Maxwell (known as Max) Carment, a chartered accountant and company director, purchased this property for £10,500 in 1951. This lot is now home to a six-bedroom house… the highest recorded sale of a home on this street was $13.5 million in 2005.
84 Bradleys Head Road: In November 1962, approval was given to erect a three-story block of flats on this site. The cost to the developer was £37,000. An apartment sold here for around $600,000 several years ago in 2013.
Take a look at ‘Lost Mosman’ for more olden-day property prices and stories.
More recent prices
We can only dream of buying a house and land package for £5000 these days, however if you go back to the 1980s and 1990s, there is still a startling difference in prices.
Consider a Raglan Street property, which was purchased in May 1992 for $695,000 and sold in 2019 for $4.55 million. Or a Stanley Avenue home, which a buyer paid just $245,000 for in 1983, and which sold for over $8 million recently.
Then there is the McLeod Street apartment which was snapped up in 1981 for $120,000 and sold in 2019 for $1.35 million, making the owner a very impressive return on investment.
Onwards and upwards?
Some of the most drastic improvements to property prices have taken place over the last five years.
Consider that in the year 2011, the average unit prices in Mosman was $630,000. Now it sits at around $1.05 million. In the same year, homes cost an average of $2.3 million. In 2020, you’ll pay $3.55 million for the same property.
In 2019, some of the top selling prices in Mosman reached figures well above $3 million, with premium homes going for in excess of $10 million and one home even being transferred to new owners for the top sum of over $23 million.
This definitely showcases the value of an investment in the Mosman market. Just when you believe prices can’t go any higher, they jump again.
If you’re interested to know what your Mosman home is worth or what it sold for in the past, contact your expert local real estate agent.