Records are tumbling in Mosman as prestige property buyers with budgets of $18m to $35m shop for generational real estate amid growing concerns overseas.
The sales agent, Richard Simeon of Simeon Partners, said: “The more trouble overseas, the more people hunker down into their own homes.”
This week, the remarkable estate at 31 Stanley Ave is under contract after just 27 days on market and it had a $30m price tag – making it the new record holder for the suburb.
Simeon was at pains to explain that the five-bedroom house with heated pool, harbour views to the heads and extraordinary man cave was under contract but had yet to exchange.
“There is a contract out with a specific buyer and there some legal points being resolved but it hasn’t exchanged,” he said.
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That exchange is expected to take place next week.
Property records show the Stanley Ave home is owned by the director of financial brokers Tradition Dubai, John Conway, and his wife, Marjorie, who paid $12.3m in 2015, a non-waterfront benchmark at the time.
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Meanwhile, in the same week, Simeon has also found a multi-million dollar buyer for a house that steps directly onto the beach at 15 Morella Rd.
The north-east facing home on 888sqm of land sold for a new street record to a local family. Simeon couldn’t reveal the exact price but the highest price paid in the street is $15.25m.
With two of the suburb’s most significant houses on the market at the same time, Simeon found himself talking to a lot of cashed-up buyers.
“I can’t believe the number of buyers with budgets of between $18m and $35m,” he
said.
“There are scores of them and over the last six weeks I have been talking to buyers from the eastern suburbs, upper north shore, western suburbs, locals, expats and international buyers with extraordinary budgets…I literally have buyers with $30m to spend saying ‘what else have you got’,” Simeon said.
Records show that Alan and Angela Smith have held the Morella Rd home for 24 years (they paid $1,895,000 in 1998) and undertook a major renovation 20 years ago.
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Simeon said buyers looking at the house, that opened directly onto Clifton Gardens Beach, were also factoring in a renovation.
“I always knew I was looking for buyers in the $18m-$20m mark,” he said.
One of the reasons for the high demand for generational property is that buyers are now not just looking for a house but also a holiday retreat, the agent said.
“They know they are not going to be spending much time overseas so their priority is
to secure the ultimate family home that also doubles as a holiday resort,” Simeon added.
Originally published as Mosman’s $30m house goes under contract as $15m house breaks street record
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