Mosman property with secret address sells for $10 million

listed the property online, that Sydney topped the charts, totalling $6.8 billion

The Covid-19 pandemic has turbocharged Sydney’s prestige property market.Source:Supplied

The Covid-19 pandemic has turbocharged Sydney’s prestige property market – so much so that a house with a top-secret address sold for a whopping eight figures overnight.

Stone Real Estate agents Marize Bellomo and Bruce Huang sold a Mosman home on Tuesday night for more than $10 million, despite hiding the location from the buyers until the last possible moment.

Due to privacy concerns from their client, they listed the property online with all its specs available – except the address.

The property, which boasts six bedrooms and views across Balmoral, was put on the market during Sydney’s lockdown.

Only once clients had proved that they were truly interested in the property were they provided with its top-secret location for a house inspection.

Ms Bellomo told news.com.au she received 72 inquiries and the property was snapped up within two weeks.

listed the property online, that Sydney topped the charts, totalling $6.8 billion

This Mosman home sold for more than $10 million.Source:Supplied

listed the property online, that Sydney topped the charts, totalling $6.8 billion

The mansion boasts six bedrooms and views across Balmoral.Source:Supplied

It comes as property consultancy firm Knight Frank released a new global report on Wednesday which named Sydney as the place where luxury house prices are tipped to rise faster than any other city.

The Prime Global Forecast 2021/2022 report found that Sydney topped the charts, beating its US, Asian and European counterparts.

Knight Frank forecasts luxury prices in Sydney to rise 10 per cent in 2021.

In 2022, Sydney luxury prices are tipped to grow another 7 per cent, sharing the top spot with London where prices will also rise 7 per cent, according to the report.

In the first quarter of 2021, 1429 prime sales were recorded, totalling $6.8 billion.

The report’s authors credited the booming property market with the fact that closed borders had forced wealthy Australians to purchase at home instead of abroad.

listed the property online, that Sydney topped the charts, totalling $6.8 billion

The agents closely guarded the address for privacy reasons.Source:Supplied

listed the property online, that Sydney topped the charts, totalling $6.8 billion

It was snapped up within two weeks.Source:Supplied

Hot on the heels of Sydney was the US city of Miami, where prices are tipped to rise 6 per cent in 2021.

That was followed closely by LA, Hong Kong, and New York.

Paris, Geneva, Singapore, Auckland, Madrid and London also received honourable mentions.

Back in May 2020, Knight Frank predicted prime prices would sluggishly climb at 1 per cent in 2021, but rebounding economies forced it to revise that number to 3 per cent in December, and this month the forecast now sits at 4 per cent.

Knight Frank Australia’s head of residential research, Michelle Ciesielski, said increased demand but the same amount of supply had driven prices to skyrocket.

She explained there was an “ongoing undersupply of luxury prestige homes being built whilst our ultra-wealthy population continues to rise”.

“Many of our ultra-wealthy clients are now embracing the low interest rate environment to expand their property portfolios further, as they redirect funds into their business interests, the stock market and other investments,” Ms Ciesielski said.

“Although lockdowns are currently in place, exclusive viewings are custom when buying prestige residential property and in many instances off-market purchases were already taking place with ultra-wealthy Australians who have been grounded on home soil for the past 16 months.”

For real estate agent Ms Bellomo, who is also the principal of Stone Mosman, she certainly agrees.

“It’s business as usual,” she said.

She opened her business two years ago, and said in a surprising twist, prestige property demand really picked up once the pandemic hit.

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