Prestige regional market remaining strong across NSW with record sales
Massive sales as high as $20-$40m are continuing to smash records as the prestige market continues to grow outside Sydney.
Massive sales as high as $20-$40m are continuing to smash records as the prestige market continues to grow outside Sydney.
These prices are a huge contrast to years ago with cashed up buyers more than happy to spend the big bucks in some of our more popular, or secluded, regional areas.
Industry experts say the prestige market across NSW remains stronger than ever and largely unaffected by what’s happening with rest of the market.
The recent record breaking $37m sale in Byron Bay has turned heads and from all reports, there was celebrity interest in the Coopers Shoot property.
There were six buyers fighting over the six-bedroom trophy home which featured a 15-metre infinity mineral pool, infra-red sauna and gym.
MORE
Top 10 Australian holiday homes of 2023 revealed
‘Not far enough’: Experts warn Budget neglects renters
Bondi short-term rental host’s porn, guns horror
Meanwhile a Southern Highlands estate is tipped to smash records around the $30m mark.
“Linden Hall”, at 166 McEvilly Rd in Robertson, is described as a “creative masterpiece” and the “most beautiful country estates in Australia”.
The 186 acre property has a two storey mansion designed by architect Richard Rowe.
The hills surrounding the property were used in the filming of the 1995 movie Babe, resembling the English countryside.
Forbes Global Properties director and selling agent Ken Jacobs said there was a steady number of inquiries for the property.
“It’s more a case of matching the right buyer to the right property,” he said.
“This is an extraordinary property.”
It comes as a Southern Highlands thoroughbred farm sold for $14.95 million in May.
Manx Park was bought by billionaire Kie Chie Wong, who also owns an 82ha property across the road, and wife Ann Lim.
Mr Jacobs said the regional prestige market was more consistent however with less volume compared to the property market.
“The whole top end is less impacted then a lot of the reports from the rest of the market,” he said.
He said the Southern Highlands was getting more popular in both the prestige as well as the regular market.
“People want to escape the crowds of the city and are looking for more room,” he said.
“Covid had an impact, with people working more remotely.”
Ray White senior economist Nerida Conisbee said the prestige market had become stronger across NSW.
“It has become more prestigious or at least more expensive since Covid,” she said.
“It has been quite a significant change over the last three or four years.”
Ms Conisbee said while the Southern Highlands has always had luxurious properties, “the big change” had been the shift in locations that were never deemed premium markets.
“Byron Bay is the obvious one, that has always been a pretty expensive market but has now extended to a wider area around Byron,” she said.
“Places like Bangalow were super cheap 20 years ago but now are very expensive.
“It’s not just these areas have become more popular but the type of homes being built are quite different as well. It was quite unusual to find a home a super luxurious home in places like Byron 20 years ago but now they have been built and they’re commanding these high prices. Somewhere like Byron has global appeal now, it’s quite amazing.
“Sleepy beachside towns up and down the NSW coast have also had a lot of investment put into them.”
MORE
Buyer of record-busting $37m Byron Bay home revealed
Horror houses expose dilemma for home seekers
She gave the example of Yamba which now has properties well over the $1 million mark.
“I think Covid definitely accelerated a trend that was kind of already happening,” she said.
“Yamba is a really good example of an area seeing some pretty crazy price growth. Whether it becomes the next Byron Bay who knows. There’s definitely some beachside areas that just have a little bit better town centre or they might have a particularly nice beach or even a celebrity rocking up there can make quite a different to the value of a property.”
The Central Coast has seen a huge uplift in its prestige market over the past few years.
A Wagstaffe mansion broke the region’s record for the second time in 2022.
Belle Property Central Coast Principal Cathy Baker sold 6 Bulkara St, Wagstaffe – known as ‘Agave’ – for over $13.5m.
Model Elyse Knowles was part of the advertising campaign for the seven bedroom mansion with a private beach.
The home’s previous $9.5m sale back in 2020 was its first record for the coast’s highest sale.
Suburbs of Wollongong are also attracting attention and big price guides.
An iconic property, known as Villa Carla, in the small suburb of Balgownie is for sale with a guide of $8.5m – $9.3m.
The property, at 65 Wellington Dr, is described as embracing “timeless Mediterranean style” with views out to the ocean.
Originally published as Prestige regional market remaining strong across NSW with record sales
$1bn move to immortalise Princess Di, INXS
A plan to turn one of Australia’s most famous hotels into a ‘$1bn lifestyle destination’ includes plans to immortalise late icons Michael Hutchence and Princess Diana.
Inside $20k tiny homes taking internet by storm
Aussies spend millions of dollars each year on purchases for their homes, but a new wave of shoppers are now turning to the online retail giant for the homes themselves.
China’s $1bn Aus home wipe out major blow to Albo
Chinese investors’ interests in Aussie homes have taken an almost $1bn cut — and Prime Minister Anthony Albanese is copping the blow back, amid stark warnings over the nation’s housing crisis.