June 3, 2023

An artist’s impression of the Reverie apartment block, complete in late 2025.

A boutique apartment block in Mosman has sold out in two hours because the suburb’s wealthy have no-where to downsize to from their huge mansions.

CBRE director Tim Rees said he opened the sales suite for Reverie, being sold off the plan for a late 2025 completion, at 8am and all 20 had gone by 10am.

“There are so many people wanting to downsize and limited opportunities to buy, particularly in Mosman village,” Rees said.

He’d sold the 215sqm penthouse, complete with six-car garage and walk-in wine cellar, on Thursday for more than $15m, with the three Mosman downsizers fighting over it pushing up the price.


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An artist’s impression of the Reverie penthouse, which sold for more than $15m.

Some of the apartments come with a purpose-built cocktail bar, right beside the built-in wine fridge.

Today, three-bedders sold for between $6m and $10.5m, with two-bedders in the early $4m range.

Rees said it had been seven years since the marketers had sold out so quickly. “This is a sign the Sydney market is improving,” he said.


Penthouse sells for $15m+

Ahead of the sales day, Rees said most of the interest had come from Mosman locals who “wanted to be right in the Mosman village, without having to walk”.

The sale of the penthouse was the highest apartment price ever in Mosman village and the highest in the suburb for an apartment that wasn’t on the waterfront with a water view.

He said buyers recognised the quality of the apartments produced by the developer, Helm.

The penthouse, which overlooks Allan Border Oval, will have three bedrooms, three bathrooms, a powder room and a study.

The master suite of the penthouse.

Along with the wine cellar and six-car garage, it comes with a 35sqm balcony.

There’d been 280 groups through the display suite in the past week.

Reverie came with marble finishes, timber veneer joinery, Zip water systems and fully integrated Sub-Zero refrigerators and Wolf appliances.

Some of the apartments will have a purpose-built cocktail bar right beside the built-in wine fridge.

All weather entertaining can continue outside with Wolf barbecues and ample space for dining.

Seven ground floor apartments even feature private gardens on title measuring up to 275sq m and the communal spaces feature landscaped residence only gardens.

PropTrack puts the median house price for Mosman at $5.03m with apartments at $1.28m.

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