Suburb shuffle: $36m trophy home latest in lower north shore boom - AFR

The following is an excerpt from an article published on September 15.

Opposite the Woolwich peninsula across the Lane Cove River sits Longueville’s finest property, Otahki, owned by Tyro director David Fite and former Telstra Mobile boss Danita Lowes. Otahki recently hit the ultra-prestige market with a $50 million price tag, catapulting the leafy suburb into uncharted price territory.

The local real estate rumour mill has divulged multiple offers above Idlemere’s $42.2 million record have already been made on Otahki, but they are yet to meet vendor expectations.

Otahki’s selling agent, Forbes’ Ken Jacobs, says the attention focused on lower north shore suburbs such as Longueville, Woolwich and Hunters Hill is overdue.

“The lower north shore has been undervalued when compared to prices achieved in the eastern suburbs,” Jacobs says.

“In recent years, the highest sale on the lower north shore has gone from $25.5 million to $42.2 million, which is a sign the whole of the lower north shore is being recalibrated.”

Mosman is unquestionably the epicentre of trophy traffic on the north side, clocking 136 sales at or above $10 million over the past five years, according to data house CoreLogic.

Its data shows Woolwich and Longueville have each recorded just 11 sales using the same criteria, while Hunters Hill has had 17 properties sell for $10 million or more over the same period.