Cashed-up highlands buyers undeterred by steep price rises

There are fewer buyers attracted to the country lifestyle than a year ago, but those still making the journey from Sydney to the Southern Highlands have more cash to spend.

Skye Wansey’s Exeter property covers 9.3ha that was once an old, retired dairy but has been repurposed into a lucrative business with several income streams.

Twelve months is a long time in real estate and this winter has seen a marked change in the NSW Southern Highlands property market.

There are still buyers attracted to its country lifestyle, but they are fewer than a year ago and there’s less stock around. Agents say of the buyers still making the journey from Sydney down to the highlands: they have more cash to spend and are not bothered by the recent interest rate rises.

But data shows they will need to be cashed-up given the rises in the 12 months to June 30. According to PropTrack, Burradoo house prices shot up 15.2 per cent in the 12 months to June 30, Moss Vale went up 34.6 per cent and Mittagong rocketed 35 per cent.

The Agency’s Ben Olofsen, who has just scored the marketing of a couple of bucolic country properties in scenic Bundanoon, admits buyers are thinner on the ground than usual.

But Olofsen says there are more genuine sellers around, adding that the properties on the market are “well priced and vendors are prepared to meet the market”.

“However, stock levels remain incredibly low and therefore pricing has levelled out, it has certainly not dropped,” he adds.

The majority of buyers want to relocate from Sydney and don’t see interest rate rises or the cost-of-living increases as a barrier to making their lifestyle choices.

“A lot of people are selling in Sydney, cashing out of that market, and coming down here and finding the Southern Highlands is more ­affordable,” Olofsen says.

19 Yuille Avenue, Bundanoon.

Olofsen has a guide of $4.5m-$5m on 19 Yuille Ave, Bundanoon, a 8.1ha spread with equestrian ­facilities that includes an Olympic dressage arena and three paddocks. The main house has four bedrooms, three with ensuites, as well as a study. There are two 120,000 litre water tanks and the property has central heating.

He has a guide of $2.75m on 19 Grice Drive, Bundanoon, a brand new home on 2000sq m with four bedrooms and two bathrooms.

Sandie Dunne of Dunne Real Estate says that, while there are buyers, it’s getting tougher. “We can feel it like the rest of the market, but there’s a lot of buyers with money who have interest in the Southern Highlands,” she says.

Actress and horse trainer Skye Wansey has listed her Exeter property through Dunne. No guide price has been given for the 9.3ha spread that was once an old, retired dairy but has been repurposed into a lucrative business with several income streams including a $650-a-week rental from its settler’s cottage, horse agistment activities, and Airbnb.

19 Grice Drive, Bundanoon.

Dunne says there are open-ended possibilities for the property fronting Ringwood Lane that could include the development of a homestead. Apart from a settler’s cottage, there’s a three-bedroom and two-bathroom house as well as a habitable barn. Surrounding Exeter properties have recently sold for $3.5m-$4.95m.

In Bowral, Dunne has just started marketing 56 Centennial Rd with a price guide of $4.5m via an expressions-of-interest campaign. The north-facing retreat set on 2ha has four bedrooms and is surrounded by park-like gardens.

Drew Lindsay agent Corina Nesci has two luxe offerings and says that, despite recent poor weather, she is still showing properties around to cashed-up Sydney buyers. “They usually start off with a weekender and as they get more familiar with the country they trade up and transition to living here,” Nesci says.

Nesci has 17-19 Holly Rd, Burradoo on the market that she will auction on July 23 with a price guide of about $7m for the 1ha estate that includes stables and extensive garden rooms.

At Bowral, she has just listed 110 Oxleys Hill Rd with a guide price of $10m. Expressions of interest close on August 11 on the property on 2.33ha that has been extensively renovated and comprises two adjoining houses totalling seven bedrooms.

Horse trainer Skye Wansey has listed her Exeter property.

Di Jones agent Sarah Burke says there’s still good interest in the Southern Highlands. She has a $2.7m-$2.9m price tag on 8 Sunninghill Ave, Burradoo. The present owners have held the property for 20 years and are selling to downsize. On a 4755sq m site, the property has four bedrooms, three bathrooms and three-car garage.

Di Jones agent Kate McCullagh has put a $2.95m-$3.245m asking price on 4 Nerang St, Burradoo that she says is part of the “rock star” part of the area. The property has four bedrooms and two bathrooms and covers 5255sq m. “There’s fewer buyers, but the ones we have are genuine, they are cashed-up and ready to buy,” McCullagh says.

“The great thing about Nerang St is it is a walk down the road to one of the best private schools in the district, Oxley College.”