A Sydney harbourside mansion has just hit the market with hopes of $23 million to $25 million and likely to be the test case for prestige property sales in a cooling housing market.
The house at 28 Ruby Street is among Mosman’s first trophy home listings for 2019.
It is being marketed locally and internationally by Ray White Lower North Shore agents Geoff Smith and Richard Harding, who say a house of this calibre will bring new buyers into the market, such as young cashed-up professionals.
The home is being sold by prominent Sydney dentist Daniel Adamo and his wife Katie.
It spans over 1792 sqm with a tennis court, pool, games room, gym and set over four levels with harbour views.
The home was built from scratch six years after the Adamos bought the original property 11 years ago and was designed by architect Susan Rothwell.
House prices across the country have cooled significantly from their heady days of 2015 and 2016, where homes in Sydney and Melbourne were smashing reserves and selling for above their market value.
Despite the alarming price declines in the housing market – up to 10 per cent in Sydney – the prestige property market has remained fairly immune with plenty of trophy homes in Sydney and Melbourne still attracting hefty price tags.
Watch the video for The Courier Mail property reporter Liz Tilley’s weekly round-up of prestige property.