New Zealand recorded NZ$50 billion worth of property sales last year. An impressive amount, but that was for the entire north and south island.
In Australia, one suburb managed to rack up A$1.456 billion (NZ$1.54 billion) worth of sales in 2018.
Mosman, on Sydney's North Shore, retained its crown as Australia’s most expensive place to live. It has a median value of A$3.78 million (NZ$4 million), almost double the median value of New Zealand's most expensive suburb, Herne Bay, and its sales eclipsed those of its nearest competition, Brighton in Melbourne (A$829 million worth of sales) and Vaucluse, in Sydney (A$590 million in sales).
A report wrapping up Australia's top performing suburbs found more than 300 houses sold in 2018 for A$1.031 billion, while a similar number of apartments sold for A$425 million.
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Mosman’s prestige market recorded its best year ever in 2018, with 20 homes in the suburb selling for more than $10 million. The top five sales alone in 2018 totalled A$100 million or 10 per cent of all house sales.
Sydney real estate agent Dino Gatti said the high sales turnover was driven by home buyers taking advantage of improved buying conditions.
“They have more of an opportunity to negotiate prices than they did a year, two years ago, and that’s made a difference,” he said.
Ray White director Geoff Smith said it came as no surprise Mosman was ahead of Vaucluse, given the lower north shore offers more bang for your buck.
“It offers everything the east does from beaches to views for a fraction of the price,” he said.
“Some would even say Mosman actually has better access to the city than Vaucluse.”
Mr Smith expects the strength of the 2018 market to continue this year along with the usual factors such as buyer demand outstripping property supply.
“The market will be very price sensitive and buyers will be expecting fair value for their money from vendors,” he said.
“Lots of people are buying long term and if something comes up that they like they will go for it no matter what the market is doing.”
- news.com.au
