Snow junkies give alpine property rentals a lift

Alpine real estate agents are already experiencing a strong ski apartment rental season.

The Inala complex at Thredbo

Alpine real estate agents are already experiencing a strong ski apartment rental season as skiers who normally head offshore to the ski fields of New Zealand or Japan are forced to ski or snowboard at home this winter — whether at Perisher, Thredbo or Falls Creek.

But in a record sale for Australian alpine real estate, a Melbourne buyer has just paid $7.4m for a nine-bedroom apartment with extra car spaces in the Grollo-developed Koorooa at Mt Buller. The selling agent John Castran, of Castran, says it is the highest sale price ever achieved at a local ski field.

Further north in Thredbo, which has delayed the start of its ski season to June 22, there are ­coronavirus-led restrictions such as social-distancing caps on numbers, lessons and lift use that agents say could hamper the numbers of real estate listings.

However, in Victoria, Christa Smit (Zirknitzer) of Zirky’s Real Estate, says she received genuine offers on apartments in Falls Creek and Dinner Plain at the $400,000 to $600,000 mark last weekend which is historically the opening of the Victorian ski season.

“There is less inquiry since COVID-19, but the inquiry is genuine,” said Ms Smit, who has about 50 alpine apartments, chalets and houses on the market through her agency.

After more than a year on the market, she has just sold a penthouse at QT Falls Creek for more than $1.2m. The four-bedroom and three-bathroom 145sq m penthouse finally sold to a Melbourne buyer. Ms Smit said the well-fitted-out apartment would rent for $12,000 a week at the peak of the ski season.

This chalet in Dinner Plain features five bedrooms and five bathrooms

“Bookings of self-contained apartments have been quite good and in Falls Creek can range from $2000 to $12,000 for a week depending on the fit-out,” she said.

“More people will holiday here this year, instead of going to Japan or the US,” she said.

Boosting the booking of self-contained apartments is the fact that due to the COVID-19 pandemic there may be additional restrictions on the rental of communal ski lodges which typically feature shared kitchens, bedrooms and bathrooms.

In NSW, Thredbo agent Michelle Stynes, of Forbes Stynes, says there is a real lack of listings and she has just sold the last of three properties she had on the market. Ms Stynes recently sold a small riverside cabin in Thredbo for $400,000 as well as a two-bedroom apartment in the ski resort’s Mowamba building. The older-style apartment positioned above shops sold for $537,000.

An apartment positioned at Lake Crackenback sold for $740,000.

Right on the ski run in Mt Hotham is this two-bedroom, two-bathroom unit

“At the moment because there has been such a lack of supply, there is pent-up demand,” Ms Stynes told The Weekend Australian. “(But) finance is difficult to get. I had a number of buyers interested in the riverside cabin in Thredbo and in the apartment in Mowamba but they could not get finance.”

All three properties sold to Sydney-based buyers who were looking for lifestyle properties with Ms Stynes saying the rent usually covered the costs associated with running the apartment and sometimes the mortgage, depending on its size.

“But they are not going to cover a full mortgage on the property,” she said.

“People know upfront these are lifestyle properties, I don’t believe you would buy in this area unless you were going to use it for skiing. That is my definition of lifestyle.”

Ms Stynes is marketing a two-bedroom apartment in the Inala complex in Thredbo’s Bobuck Lane. She says the apartment has views over the village and ski fields as well as a big covered balcony with a barbecue. It is priced at $795,000.

The two-bedroom ski apartment has spectacular north-facing views of Thredbo and includes on-site parking, a large mud room with underfloor heating, laundry facilities and extra storage. Centrally located, it has easy access to the slopes and features a large entertaining deck that is covered with sun all day.

The master bedroom has views up the mountain and an ensuite.

Ms Stynes reckons more apartment and chalet stock will come on the market at the end of the winter season.