Geoff Morgan secures $16 million Mosman trophy home sale

The Balmoral harbourfront trophy home of the recruitment industry pioneer Geoff Morgan and his wife, Roslyn, has been sold.

Kicking off the 2014 spring season prestige sales yesterday for reputedly at around $16 million, it was a bullish price given the Mosman market place is only just emerging from its post global financial crisis slumber.

Although the prized 8 Burran Avenue mansion had actually been listed last September when it came with for $17 million plus private treaty hopes. The sale came as Mosman topped the weekend's most expensive auction sale in Sydney when $4,941,000 was paid on Glencarron Avenue, Mosman.

The Morgan house had been substantially renovated, while still retaining its 1930s Mediterranean-style. There are views of Grotto Point, Castle Rock Beach, Clontarf and the rest of the Middle Harbour beauty points along with national park headlands.The co-founder of recruitment giant Morgan & Banks bought his north-facing, cliff-top, 1,100 square metre property in May 2004 for $5.25 million.

The five-bedroom, six bathroom house with a gym and pool was sold through McGrath agent Michael Coombs.

The official price has not been revealed, although Property Observer is confident that $15 million plus was achieved. 

The suburb's highest sale this year has been $15.6 million when a Carrington Avenue waterfront sold to Brehn Nominees Pty. It had been initially listed in mid-2011.

There is no clue as to the latest buyer.

Mosman's record price was set in 2007 at $22.5 million for a half-renovated mansion a few doors away on Hopetoun Avenue, which resold to neighbour Ros Oatley in 2011 for $19 million.

The non-waterfront record sits at $18 million when Marcus Kahlbetzer bought on Mandolong Road.

Veteran Mosman agent Robert Simeon issued a report this week on the dynamics of the Mosman market.

Simeon went back through Mosman house sales to show the level of activity in the 4,800 home Mosman market.

Year    No of Sales  Total Volume Sold  Average House Price
.

2003              371                  $842,768,432                  $2,271,613

2004              307                  $653,170,490                  $2,127,591

2005              304                 $714,776,000                $2,351,237

2006              394                 $965,744,130                $2,451,127

2007              408                 $1,170,279,387             $2,868,333

GFC

2008              217                 $731,805,612                $2,700,390

2009              306                 $778,113,751                $2,542,855

2010              340                 $932,342,149                $2,742,183

End of GFC

2011              285               $814,681,792                  $2,868,598

2012              384               $1,064,397,721               $2,771,869

2013              373               $1,033,783,221               $2,771,537

2014*             196               $616,615,916                  $3,146,000

*Denotes two thirds of the way through the selling year and stock levels are well down on previous years.