Why is Mosman such an expensive suburb?

Some of the highest price tags are attached to properties within Mosman. What makes the homes so expensive in this suburb?
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Mosman is a beautiful suburb surrounded by beaches, million dollar views and minutes to central Sydney.
It is surrounded by wonderful walks, a plethora of shopping and very family friendly as it does not have much in terms of a nightlife, however if you're looking for a nightlife you just need to jump on the local bus or ferry and be in the city in minutes. Mosman also has a rich heritage, which you will notice in its beautiful buildings.

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Rentals in Mosman, NSW 2088