A mixed-use property in Mosman has just sold for $2,800,000—$700,000 above reserve.
With Australia's residential property market throttling full steam ahead in Sydney, prospective home buyers are starting to think outside the box and consider quirky property investments like residences above retail spaces.
Last Thursday, Rick Doran and Tom Doran of Doran Commercial auctioned a mixed-use property at 37 Spofforth Street in Mosman. Doran fils said the property sold for $2,800,000, which was $700,000 over the reserve price. The property consisted of a three-bedroom residence, two retail stores and an office space. It was originally a Federation style residential cottage.
Property expert Robert Klaric also advises those looking to enter the hot residential property market in Sydney to think outside the square and consider other property alternatives to their dream home. Klaric told The Real Estate Conversation that he and his wife Leonie's first property purchase was a shop and residence in Manly, and they lived above the shop while renting the space to a newsagent. "That was our first purchase because we couldn’t really afford to buy a home," said Klaric.
"Not everybody is that keen to live above a shop, but for us it was still in the location we wanted and walking distance to Manly beach and it gave us what we wanted but was just a little bit quirky."