Some interesting numbers on house sales

Some interesting numbers on house sales in Mosman…

Without a doubt one of the overwhelming characteristics of the Mosman market was the insatiable desire of residents to trade in the market. Today, it is instinctively clear that this desire has been lost as a result of the Global Financial Crisis (GFC) as residents re-calibrate their lifestyles and requirements. For example, in 2012 out of 52 weeks there were on 33 occasions more than 100 houses on the market. In 2013 Mosman has only broken the 100 mark on just four occasions which explains why so few houses are on the market. We did a comparison for house sales in Mosman for 2013, 2012 and 2007 (the golden market before the GFC hit.)

Bear in mind before the GFC Mosman used to trade approximately 10 per cent of the approximate 4,800 houses – 480.

Mosman House Sales 1 January 2013 to 7 November 2013
Total – 267
Average Price – $2,825,942
Private Treaty – 207
Public Auction – 60
Total Value Sold – $714,324,833
Adjusted Clearance Rate – 44 per cent
Mosman House Sales 1 January 2012 to 31 December 2012
Total – 283
Average Price – $2,852,759
Private Treaty – 250
Public Auction – 33
Total Value Sold – $788,975,000
Adjusted Clearance Rate – 22 per cent

Based on what is on the market today it would be fair to assume that 2013 Mosman house sales will go very close to reaching $1 billion as well as breaking the 300 barrier, so all in all the Mosman market is performing much better than many give credit.

Mosman House Sales 1 January 2007 to 31 December 2007
Total – 374
Average Price – $3,035,363
Private Treaty – 324
Public Auction – 50
Total Value Sold – $1,135,225,667
Adjusted clearance rate – 38 per cent

One thought on “Some interesting numbers on house sales

  • I’ve always been intrigued by your auctioning process. Here in Ontario, particularly in some neighbourhoods in Toronto we have what they call bidding wars, generally when demand exceeds supply. Our particular home about 12 years ago came on the market on a Monday, but they were not taking bids (sealed) until the following Monday which gave the agents enough time to get some hype happening. On the Monday there were 10 bids, all sealed. The owners dismissed 7 of them immediately because they felt that the bids were too far off. I was surprised because a few of the bidders were bidding on homes that my husband and I bid on and lost so they did have the funds, they were not given a chance to come back, which worked out in our favour. We responded with an increase in our bid and won the home for $55,000 over ask! It sounds absolutely ridiculous and it’s still happening in our neighbourhood today. In fact, about two years ago a similar centre hall plan (1930’s) came on the market for $750,000 and there were several bids one of which was an Asian couple who came in at $950,000. They won the bid and proceeded to lop off the back of the house adding a half million dollar extension/reno. It’s madness.

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