NSW real estate: Most expensive suburbs in the Southern Highlands
The red hot market has seen prices skyrocket in the Southern Highlands with some suburbs increasing by a staggering 40 per cent. See which area has joined the $2 million club and where you can still find a bargain.
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The red hot real estate market in the Southern Highlands continues to boom, with prices in one suburb rising a staggering 40 per cent.
A real estate agent has revealed house prices won’t be declining anytime soon after a record number of Southern Highlands suburbs have entered the million dollar market.
The average cost of a house in the Highlands has risen sharply over the past year, with the cost of homes in one village increasing by more than 40 per cent. According to CoreLogic, the median cost of a home in the Southern Highlands is just shy of a million dollars at $950,000.
Figures show the Southern Highlands is not alone in experiencing housing price spikes. Data released by the Australian Bureau of Statistics shows the strongest quarterly growth in Australian property prices since records began in 2003.
Local real estate agent Ben Olofsen said the lack of available houses has created ideal conditions for Southern Highlanders looking to sell.
“We’ve got very low stock levels and buyer demand is up 200 per cent, so it’s the perfect environment for sellers,” he said.
Mr Olofsen, who has been crowned this year’s most prolific real estate salesperson in the region, said the desire to share in the beauty and privacy of the Southern Highlands has been inflating the prices. He said 82.2 per cent of buyers hail from elsewhere and a majority of that percentage come from Sydney.
“It’s a shock to see where the prices have got to but I guess it stands to reason and it’s an indication of what a beautiful area we live in that people want to be here,” he said.
Mr Olofsen said the prices for homes in the Southern Highlands were only likely to increase as time goes on.
“That’s not going to change in a hurry,” he said.
A number of localities in the region have recorded median prices of more than $1 million, and one suburb has broken through to the $2 million club.
These are the most expensive suburbs in the Southern Highlands.
Burradoo
Burradoo has been crowned the most expensive suburb in the Southern Highlands, with a median house price of well over $2 million. It is the only locality in the Shire with the distinction of being a member of the rapidly expanding $2 million club.
Burradoo hit the $2 million milestone in December last year and prices have only risen since then. Over the past 12 months, the average value of a house increased 26.6 per cent in the glamorous suburb.
The suburb is close enough to Bowral’s centre to be convenient but far enough away to be able to enjoy the space and leafy green surroundings that characterise the Southern Highlands. The houses are often heritage and charming with a generous backyard.
According to CoreLogic, the current median price of a home in Burradoo is $2,134,620 after a drop in the market price from over $2.4 million earlier in the year.
Kangaroo Valley
The second most expensive suburb in the Southern Highlands is Kangaroo Valley. The verdant green hills and rainforest come with an average price tag of just under $1.7 million.
In a year, the average price of a property in Kangaroo Valley has increased by 27.6 per cent with 20 per cent of that growth taking place in the past six months. The median price of a gorgeous home in the valley of rolling farmland is $1,696,251.
Wealthy homeowners will be in good company with celebrity neighbours such as The Morning Show host Larry Emdur, Mad Max director George Miller, and entertainer Tim Minchin.
Bowral
The most populated suburb in the Southern Highlands is also one of the most expensive. Bowral is known for its leafy charm, manor houses, well-tended gardens, and wineries.
For many residents moving to the area, proximity to all Bowral’s many amenities is important, which is why the average house price in Bowral has increased by more than a third in the past year.
A home in the biggest town in the Highlands will cost a buyer a massive $1,525,167 on average, which represents a price increase of 31.8% over a year.
A case study that highlights the price hike is the former star of The Bachelorette Sasha Mielczarek, who bought an East Bowral house in 2016 for $420,000 and sold it this week for a record-breaking $2.6 million.
Living in Bowral could mean rubbing shoulders with celebrities such as artist Tim Storrier and former Sunrise host Samantha Armytage.
Berrima
Home to charming Georgian heritage buildings and an idyllic charisma, Berrima is well known as the jewel of the Southern Highlands. This year, the town was crowned the best tourism destination in the state with under 5,000 residents in the inaugural Top Tourism Town Awards.
However living in a winning town doesn’t come cheap, with a median house price of $1,450,476 in Berrima. The cost of a home in the heritage village has risen 37 per cent over the past 12 months, which is a sharp increase in such a small area.
With gourmet restaurants and a close community, it’s easy to see why celebrities like Jimmy Barnes have settled in the quaint village.
Robertson
Known as the green heart of the Highlands, Robertson is a coveted village whose appeal has been featured in films such as Babe. The surrounding lush forest creates a leafy oasis – which comes with a costly price tag.
The big prices in the village may give ‘The Big Potato’ a run for its money. On average, a house in Robertson will set buyers back $1,207,237. The cost of a home in the village has soared by more than a third in 12 months, rising 33.7 per cent above the previous price.
Buying a home in Robertson would make you neighbours with radio personality Kyle Sandilands and Sydney socialite Skye Leckie.
Renwick
From its humble beginnings, Renwick has emerged as one of the most sought after property markets in the Southern Highlands. The suburb on the outskirts of Mittagong has recently been developed and many buyers are eager to get their hands on a home there.
However, Renwick homes have become 33.1 per cent more expensive in the past year as vacancies start to dwindle. The median cost of a home in Renwick is $1,137,012 which is more than $160,000 more than neighbouring Mittagong.
It’s worth noting Renwick doesn’t have any amenities yet, and residents have to head to Mittagong for shopping, restaurants, pubs, and so on.
Bundanoon
The quaint village of Bundanoon will take you back in time with its markets and stunning scenes, as well as the natural beauty of the waterfalls and glow worm caves. Sadly, the prices are devastatingly modern.
A house in Bundanoon comes with an average price tag of $1,098,651, which is a value increase of more than 30 per cent in just 12 months.
Despite the steep prices, recent plans for affordable seniors housing in the heart of Bundanoon were knocked back.
With the delicious eateries and myriad community events, it’s obvious why Bundanoon is so highly desirable.
Braemar
A village to the north of Mittagong which includes Willow Vale and Balaclava, Braemar is a burgeoning area of the Highlands.
The heightened demand is emphasised by the increase in the cost of houses to a new high of $1,002,657. The median cost of homes rose more than a quarter in the past year in Braemar.
The area is also highly desirable for commercial real estate, as is evident in a recent $4 million grant to expand a Braemar manufacturing business.
Moss Vale
One of the three biggest towns in the Southern Highlands, Moss Vale is often referred to as the rural centre of the region. With delightful cafes, wineries and even its own brewery, Moss Vale is fast becoming one of the hottest property markets in the Shire.
The high demand has driven prices by more than 30 per cent over the last year, culminating in the current median price of $969,405.
Mind you, that’s a fair sight cheaper than the estimated $35 million price tag for the recently listed Moss Vale property Bong Bong Farm.
While Moss Vale has a wealth of amenities for residents, many are concerned increasing the population will negatively impact the already clogged arterial roads.
Mittagong
Affectionately known as the gateway to the Highlands, Mittagong is the second largest town in the Southern Highlands.
With antique shops, vineyards, and award-winning restaurants, the town perfectly combines country town charm with high quality amenities.
Mittagong is home to Sturt Gallery, Australia’s oldest design centre, and Paste, a Thai restaurant by Michelin starred chef Bongkoch ‘Bee’ Satongun. Proximity to excellence comes at a steep price and a home in Mittagong will set buyers back $969,226 on average.
The price of a Mittagong property has risen 29.9 per cent over the past 12 months, which is a notable jump.
Hill Top
Hill Top is a rapidly growing village in the northern area of the Southern Highlands which boasts a number of beautiful nature trails and Australia’s largest rail museum.
Buyers looking to purchase a slice of Hill Top’s rustic charm will have to pay a median price of $748,850 for a home.
The cost of a home has risen by nearly 29 per cent in the past year, reflecting the increasing demand for villages offering space and convenient amenities.
Colo Vale
Another northern village of the Southern Highlands, Colo Vale is a quaint village with a close-knit community and many natural attractions.
The village wins the dubious honour of having the highest price increase of the entire Southern Highlands, with a massive 40.5 per cent hike in average house prices in the past year.
After the staggering price rise, the average cost of a home in Colo Vale is $736,350.
Yerrinbool
According to CoreLogic, the cheapest suburb to buy a house in the Southern Highlands is the northern village of Yerrinbool.
The small and rustic village is distinguished by many visitors by the nearby Tennessee Apple Orchard and its proximity to the forest and lakes of the Upper Nepean Nature Reserve.
The village saw an increase in house prices of nearly 30 per cent, a similar increase to many other Southern Highlands towns. However, a Yerrinbool home is the most affordable on the list at a median cost of $707,534.
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