Mosman, one of the city’s most well-known harbourside suburbs, is seeing property prices hit eye-watering heights, and it’s starting to weigh on long-term residents.
Prices Are Sky High
Property values in Mosman have skyrocketed in the past ten years. Units currently average $1.425 million, while the median home price is $5.875 million. At 11.37% for homes and 8.78% for apartments, growth rates are still robust. However, it’s not just purchases that are expensive; mortgage repayments typically total more than $4,000 per month, and growing maintenance expenses and stamp duties are making matters worse.
For retirees and long-term locals, the financial pressure is becoming harder to ignore. Downsizing within Mosman isn’t always an option either, with unit prices now sitting firmly in the million-dollar range.
The Mosman Lifestyle Still Shines
Mosman is still one of Sydney’s most desirable suburbs for a reason, despite the financial strain. The area’s charm is hard to top thanks to improvements like the renovated Mosman Wharf, the Chinamans Beach and Balmoral playgrounds, and the updated Mosman Art Gallery. Improvements have also been made to public transportation, with more frequent bus services making it simpler to travel into the central business district.
On weekends, Balmoral Beach remains packed with families, while the village cafés buzz with locals enjoying brunch. It’s these little details that keep Mosman so highly valued, even amidst the financial pressures.
Changing Faces of Mosman
It’s difficult to ignore the changing demographics of the suburb. Getting a foot in the door is becoming more and more difficult for younger families and first-time homebuyers. High-end real estate is being seized by investors and high-earners, which is progressively changing the sense of community in Mosman.
People who have lived in Mosman for decades are beginning to face difficult decisions. For some, the only practical choice is to sell up and relocate to a less expensive area.
Comparisons to Other Markets
In comparison, areas like the Gold Coast offer significantly lower median house prices, currently sitting around $1.17 million. Developments in suburbs such as Isle of Capri and Bundall provide modern luxury homes at a fraction of Mosman prices. The cost savings, paired with a relaxed coastal lifestyle, are becoming an increasingly appealing option for those priced out of Sydney’s premium market.
What Lies Ahead?
Experts reckon Mosman prices will keep heading upwards. Demand is strong, stock is limited, and there’s no shortage of interest from affluent buyers. But with affordability remaining a serious issue, the suburb’s character might continue to shift over time.
Published 29-Dec-2024
