Below is a 1972 newspaper advertisement promoting a four-bedroom home at Beauty Point (Mosman) for $95,000. According to the RBA Inflation Calculator, this was equivalent to paying the buyer around $1.5 million today. The vendor was Andrew Spring & Co.
Source: Andrew Spring & Co. 1972. "Waterfrontage" (Advertisement). The Sun, March 17:80.
Below is an 1968 newspaper advertisement for two Mosman apartment buildings that were jointly built in the late 1960's. If driving to Manly on Military Road from the city, you will notice both buildings on your left as you make the bend towards the shopping precinct at Spit Junction.
Source: Home Units Pty. Ltd. "would you believe $13,500 will buy luxury in Mosman's showplace?" (Advertisement). The Sun, June 28: 52.
"Overdevelopment" is a very common term used in Sydney today to describe the rezoning of neighbourhoods for higher density development.
Even in the 1960's, it was being talked about. As this 1966 newsreel shows, it was becoming an issue along the shores of Sydney Harbour. Many of the older homes were being demolished for new unit blocks, especially on the Lower North Shore.
By the end of the 1960's, Mosman council had placed restrictions on the construction of highrise unit complexes before a complete ban in 1973. North Sydney Council would also place their own restrictions on highrise development along the harbour foreshores.
Fast forward to the late 1980's and the issue poked its head up again when the Greiner Government tried to override planning guidelines to allow for higher density development along the harbour foreshores. This did not go down well with North Sydney residents and the local council, who had worked hard to maintain the scale of development and character.
Source: McDougall, B. 1989. "Goodbye North Sydney...hello, high rise". The Daily Telegraph, November 7: 11.
But there was a quick back down.
Source: Morris, L. 1989. "Greiner backs down on high-rise plan". The Daily Telegraph, November 13: 3.
Today, councils on the North Shore are subject to criticism for not taking their share of new housing from residents other parts of the metropolitan area. That will continue for the foreseeable future, but the question is how to balance it?
In October 1966, just $10 000 (5000 pounds) would land you an apartment in Ourimbah Road, Mosman. It's located near McPherson Street and would be in walking distance of shops at Cremorne Junction and Mosman.
This week, we head up to one the most prestige suburbs on the North Shore - Balmoral. In 1998, a prestige penthouse was up for the grabs right on the slopes.
Source: Winten Property Group. 1998. "The Rawson" (Advertisement). The Sydney Morning Herald, June 13: 10RE (Real Estate Liftout).
