Beauty Point vs Balmoral
The Beauty Point sale comes as Mosman’s Balmoral slopes area saw a dramatic up-tick in foreign buyer purchases this year, marking a dramatic turnaround in recent years in which Beauty Point had seen the most off-shore buyer interest.
Beauty Point had garnered the lion’s share of Chinese buyer attention in the years after high-profile Chinese property developer Huang Xiangmo bought his Bay Street mansion for $12.8 million in 2012.
However, of the 45 registered prestige sales in Mosman this year all but 30 were in the Balmoral slopes neighbourhood and almost half to recently arrived Chinese immigrants or foreign buyers.
That’s a distinct turnaround on recent years, said Robert Klaric, of the buyer’s advisory and advocacy service The Property Expert.
“The Chinese centre of gravity on the Lower North Shore has shifted from Beauty Point to Balmoral and the pocket around Chinaman’s Beach,” said Klaric.
Of the 15 prestige house sales elsewhere in Mosman, only one was to a foreign buyer.
“That’s partly because there isn’t much stock on offer in Beauty Point compared with Balmoral this year, but also because new arrivals prefer the feng shui of Beauty Point but Chinese buyers who have been here for a few years are just discovering Balmoral,” said Ms Tu.
Nine months into 2017 and Juwai’s Ms Lu doesn’t see this year topping last year in terms of Chinese investment in Australian real estate.
“The year 2016 was the biggest yet recorded for Chinese investment in Australian real estate. We believe that 2017 is competing with 2015 for the rank of second or third biggest year.”