Hidden gems emerge in regional shift towards holiday homes

Luxury property buyers are looking more left field in search of homes in regional areas as demand pushes up prices.

David and Margaret Brenn are selling their home in Burradoo. Picture: Nikki Short

Luxury property buyers are looking more left field in search of homes in regional areas as demand pushes up prices and creates competition for prime property.

New data from online classifieds portal Realestate.com.au compiled for The Weekend Australian shows several regional locations have experienced more than doubling in popularity through the latter half of 2020.

While typically sought-after locations like Portsea and Sorrento on Melbourne’s Mornington Peninsula and celebrity bolthole Byron Bay on the northern NSW coast have proven their longevity, hidden gems in rural and coastal NSW have emerged.

An analysis of the number of views per advertised property in suburbs with a median of more than $1.5m shows Burradoo in the NSW Southern Highlands has grown in popularity by more than 55 per cent through the latter half of 2020. The small seaside town of Wombarra, north of Wollongong, commanded 33 per cent more views over the same period, as did Somersby in the Central Coast hinterland.

REA Group chief economist Nerida Conisbee said the data highlighted the resurgence in the trend towards the holiday home.

“With international borders locked down, household savings rates are at record levels and property is being seen as a good investment,” Ms Conisbee said.

“Those smaller suburbs are benefiting from the ripple effect. Some people are looking beyond the bigger areas and starting to discover areas that they didn’t know about before.

“Perhaps the areas they want to live in are too expensive or they’re not being able to find the houses that they want and as a result, they are starting to extend their searches,” she said.  Burradoo locals David and Margaret Brenn listed their stately Highlands home at Burradoo towards the end of last year to upgrade their current property.

“I lived in Sydney for 20 years. Over that time, it just got more and more congested, everything got slow when you wanted to get around town. Here, you don’t get any of that,” Mr Brenn said.

“Especially with what’s going on with COVID, I feel people are saying ‘hey, I can do my job from home so why would I choose to live in an expensive, crowded city?’.”

The home is available for purchase through Gene Fairbanks of Ray White Bowral.

A grand estate called “Toscane” is on the market nearby, which WM Carpenter Real Estate agent Andrew de Montemas says embodies the charm and elegance sought after in Burradoo. The four-bedroom home that sits on an elevated 0.4ha is being marketed for $2.85m.

Built by renowned builder Roy Alvaro, the two-storey full-brick home is large and open with high ceilings and generous well-proportioned rooms. Recently renovated kitchen and bathrooms create a modern sophistication while the stately entrance, staircase, lounge and dining room provide a sense of grandeur.

McGrath Estate Agents Thirroul principal Vanessa Denison-Pender was surprised by the spike of interest in Wombarra, which she chalked down to people chasing finite beachfront and clifftop views.

Last month, she sold a luxury beachside home overlooking the ocean at Wombarra Beach for $2.1m. Light and airy, the spacious interiors open to the outdoor entertaining area to make the most out of the views and laid-back lifestyle. The 2021 sale was $1.455m above the price achieved in 2013.

The data showed the Mornington Peninsula had continued to prove popular. Portsea, where the median price for a property is $2.52m, saw a 138.3 per cent rise in popularity in the latter half of the year compared with the previous six months. Nearby Sorrento, which is $1m cheaper, saw a rise of 133.3 per cent.

Three Gold Coast suburbs also recorded a significant rise in views per listing, namely Main Beach (up 58 per cent), Mermaid Beach (up 27.6 per cent) and Surfers Paradise (up 27.1 per cent).