Mosman’s property with secret address sold for $ 10 million
The Covid-19 pandemic boosted Sydney’s luxury real estate market – so much so that a house with a top-secret address sold for eight figures overnight.
Stone Real Estate agents Marize Bellomo and Bruce Huang sold a house in Mosman on Tuesday night for more than $ 10 million, although they kept the location hidden from buyers until the last moment.
Due to their client’s privacy concerns, they have listed the property online with all of its available specifications – except the address.
The property, which has six bedrooms and Balmoral views, was put on the market during the Sydney foreclosure.
It wasn’t until clients proved they were genuinely interested in the property that they were given its top secret location for a home inspection.
Ms Bellomo told news.com.au that she received 72 inquiries and the property was purchased within two weeks.
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It comes as real estate consultancy Knight Frank released a new global report on Wednesday that points to Sydney as the place where luxury home prices are expected to rise faster than any other city.
The Prime Global Forecast 2021/2022 report found Sydney topped the rankings, beating its US, Asian and European counterparts.
Knight Frank predicts that Sydney luxury prices will rise 10% in 2021.
In 2022, luxury prices in Sydney are expected to rise a further 7%, sharing the top spot with London where prices will also increase by 7%, according to the report.
In the first quarter of 2021, 1,429 blue chip sales were recorded, totaling $ 6.8 billion.
The report’s authors credit the booming real estate market with the fact that border closures have forced wealthy Australians to buy from home rather than overseas.
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On the heels of Sydney was the US city of Miami, where prices are expected to rise 6% in 2021.
This was closely followed by LA, Hong Kong and New York.
Paris, Geneva, Singapore, Auckland, Madrid and London also received honorable mentions.
In May 2020, Knight Frank predicted that preferential prices would slowly climb to 1% in 2021, but rebounding economies forced him to revise that number to 3% in December, and this month the forecast now stands. at 4%.
Michelle Ciesielski, head of residential research at Knight Frank Australia, said the increase in demand but the same amount of supply had caused prices to skyrocket.
She explained that there was a “continuing under-supply of high-profile luxury homes under construction as our ultra-wealthy population continues to grow.”
âMany of our ultra-wealthy clients are now embracing the low interest rate environment to further expand their real estate portfolios as they redirect funds to their business interests, the stock market and other investments,â Ms. Ciesielski said. .
âWhile blockages are currently in place, exclusive tours are personalized when purchasing prestige residential properties and in many cases off-market purchases were already taking place with ultra-wealthy Australians who were anchored on their soil in the past 16 months. “
For realtor Ms. Bellomo, who is also the manager of Stone Mosman, she certainly agrees.
âIt’s business as usual,â she said.
She opened her business two years ago and said in a surprising twist that demand for premium properties really picked up once the pandemic hit.