Frustrated local buyers adopting new strategy to secure prestige Mosman homes.
It’s a secret, invitation-only club for VIP home buyers that takes more than just money to join.
And Mosman boasts a long list of members.
Frustrated prestige purchasers missing out on auction day are taking matters into their own hands, enlisting the help of lower north shore agents to source off-market opportunities.
“These buyers are seriously cashed up, with more than $10 million to spend,” Megan Thomas from O’Gorman and Partners says, “but there just isn’t enough stock to go around.”
Ms Thomas has just shattered one street record, selling 9 The Grove under the radar for $13 million.
The four-bedroom, four-bathroom, four-car garage home, located in one of Mosman’s premium enclaves, has just been renovated, Ms Thomas said.
See more of 9 The Grove, Mosman here:
“It proves that people are willing to pay above the odds to secure a luxury home in Mosman – the trick is knowing where to find them.”
Ms Thomas said four “big-budget” groups went through the 713sqm north facing property, with a sale exchanged in just 12 days.
“The owners are thrilled with the price achieved and at the ease of the transaction. The new buyers are equally excited, having secured their dream home.”
Frustrated buyers are adopting new methods to secure Sydney homes. Image: SMH.
With Mosman house hunters typically spending weeks trawling internet listings, inspecting properties and then bidding at auctions, securing a property has become a brutal sport, Ms Thomas says, “where the size of your cheque book is thrown into the public arena.”
“Off-market is a much more discreet way to buy or sell – it allows you to escape the public eye, and there’s also a certain exclusivity attached to these secret sales,” she said.
“After all, everyone wants something no one else knows about.”
With three buying groups disappointed to miss out on 9 The Grove, Ms Thomas said she is now in the process of matching them with unlisted local properties.
“These are buyers with more than $10 million to spend, prepared to pay a premium,” she said.
“But in broader terms, I am seeing a lot of local and ex-pat money in the mid-range market, particularly in the $4 to $7 million regions.
“I have several off-market Mosman properties ready for new owners, despite the low levels of supply.
“Good real estate agents – who understand our local area – haven’t been this busy in ten years.”
Mosman real estate agent Megan Thomas just sold 9 The Grove for a record $13m.
Buyers are paying a premium to secure a property in Mosman.
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